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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, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
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- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- The University of Queensland
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
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