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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- The University of Queensland
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
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