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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, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
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