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