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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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Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
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