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