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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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Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
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- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- The University of Queensland
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
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