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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, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- VISA Power Limited - India
- Mjunction Services Limited - India
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