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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, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- The University of Queensland
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
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