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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, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- PTC India Limited - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
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