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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- Aditya Birla Group - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Australian Coal Association
- White Energy Company Limited
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
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