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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, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- PTC India Limited - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
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