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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
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