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