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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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Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- The University of Queensland
- PTC India Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
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