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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
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