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