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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, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
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