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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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Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
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