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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, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
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- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- The University of Queensland
- Electricity Authority, New Zealand
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Central Electricity Authority - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
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