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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Anglo American - United Kingdom
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