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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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- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- The University of Queensland
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Australian Coal Association
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
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