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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- White Energy Company Limited
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
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