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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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Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Economic Council, Georgia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
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