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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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Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
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- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Aditya Birla Group - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
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