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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
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