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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, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- The University of Queensland
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
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