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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 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
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- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Planning Commission, India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
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