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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, 02 February 22
MARKET INSIGHT - INTERMODAL
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Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
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Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
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Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
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- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Planning Commission, India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
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