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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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Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
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Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
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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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- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
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