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