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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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Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
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