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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, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Parliament of New Zealand
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
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