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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, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
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