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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, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
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- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
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