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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
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