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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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Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Central Electricity Authority - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
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