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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Australian Coal Association
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- MS Steel International - UAE
- The Treasury - Australian Government
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
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