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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, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Planning Commission, India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
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