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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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Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
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- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- VISA Power Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
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