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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, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Australian Coal Association
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Mjunction Services Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
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