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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- PTC India Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
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