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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
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