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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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- Posco Energy - South Korea
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
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