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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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- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
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