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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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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
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