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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, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Central Electricity Authority - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- VISA Power Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
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