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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, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
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