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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
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