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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, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- GMR Energy Limited - India
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