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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, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
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