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