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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Australian Coal Association
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
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