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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, 28 April 21
MARKET INSIGHT - INTERMODAL
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Monday, 26 April 21
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Wednesday, 21 April 21
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Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- PTC India Limited - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Economic Council, Georgia
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