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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, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
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