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Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
 Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, many owners abstain from the newbuilding realm, especially in the wet and dry sector, while sticking to ageing fleets. During 1H22, fleet grew by 1.4% (est. 2.8% in 2022), which is way below the 10-year average growth of 3.6%. While new orders are not coming in fast enough to halt the trend of an ageing fleet, the introduction of EEXI, CII and EU ETS at the beginning of 2023, has resulted in a record of 61% of newbuild orders being alternative fuelled.
According to our data, tanker fleet renewal remains muted across 1H22. Overall, 31 vessels have been ordered within 2022 in the wet sector (with the orderbook standing at 5% of fleet capacity), of which 1 is methanol & ammonia ready, 1 is methanol fuelled, 2 are battery powered and 2 are LNG fuelled. With risks to the tanker demand still prevailing on the back of macroeconomic factors and high oil prices, the tanker market has witnessed significantly improved conditions in recent months, underpinned by shifts in trade patterns resulting in tonne-mile increase. Low stocks, paired with high refinery margins are expected to further boost trade growth in seaborne volumes and tonne-miles and contribute to the revival of an ageing fleet.
On the dry front, contracting activity hit low levels, partly on the back of uncertainty over decarbonization trends. Current orderbook stands at 7% of the fleet capacity, marking a 30-year low, which suggests a very limited growth capacity. According to our records, 85 bulkers have been ordered during 1H22, of which 5 are LNG fuelled or dual-fuelled, 3 being ammonia-ready/fuelled and 25 meeting EEDI phase 3 standards. Overall, 14 % of the total orderbook are alternative fuel capable, with Capesize segment leading the decarbonization pathway.
On the container front, however, the market sentiment is bullish with an orderbook at 28% of the fleet capacity. Amid disruptions to the world trade caused by the pandemic and a shortage of new vessels, freights have been rallying and therefore, fuelling owners’ appetite for boxhsips, which has prevailed during 1H22. More specifically, out of the total of 295 vessels ordered, 57 are dual-fuelled and LNG fuelled, 32 are methanol and ammonia-ready, while 31 meet EEDI phase 3 standards.
Newbuilding ordering activity has further been supported by the recent spree in LNG contracts. According to our data, contracting activity in the sector hit record highs with a total of 112 new vessels ordered within 2022, boosting the orderbook to 37% of the fleet capacity. Berths for the Qatar LNG project are monopolizing the owners’ interest, providing further support to the market. Out of the total of 112 vessels, 32 are booked for the Qatari project and 6 of them are dual or LNG-fuelled. Further supported by growth in LNG tonne-mile trade on the back of the sanctions on Russian gas from EU/US, and the recently announced plan for expansion of Qatar’s mega-plant and Cheniere’s Corpus Chritsti plant, market sentiment for LNG contracting activity remains firm.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
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AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
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Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
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- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
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