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