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