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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Marubeni Corporation - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- The University of Queensland
- Deloitte Consulting - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Australian Coal Association
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
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