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Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
 The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contracting volumes of the respective segment remain low amidst a cocktail of different factors that have made both owners and shipbuilders focus on other sectors with Container one attracting most of the interest, followed by the Gas sector with massive orderbook plans having already begun. Among them, the steel prices and consequently the value of newbuildings have made owners pensive towards the construction of new vessels. Steel prices despite a recent downward correction are still on remarkable upper levels while both box ships and LNG vessels have occupied almost all the 2023-2024 slots meaning that any order is now dated for 2025 delivery onwards with shipbuilder participants happy to secure such units due to their higher profit margins. At the same time, a new paradigm with respect to the available tonnage supply has been evident during this year so far, in the sense that despite the softer Chinese demand, the shorter tonnage list is strong enough to support a multi-year upcycle.
According to our preliminary data, a total of fifty-one bulk carriers have been ordered during the first half of 2022. More specifically, twelve Handysize, twenty-five Ultramax, seven Kamsarmax, five Capesize and two Newcastlemax vessels were ordered so far this year accumulating a total amount of around 4.0 million dwt.
This amount is being added to an overall low orderbook to the fleet ratio which is standing now at 6.6%. More precisely, the largest rate is being witnessed in the Panamax/Kamsarmax sector with 8.2%, followed by Supramax/Ultramax with a 6.4% ratio, Capesize sector with a 6.2% and lastly the Handysizes with 4.8%. As far as the age is concerned, only 7.5% of the fleet is older than twenty years old while 20% of the fleet is under five years old. The low orderbook to fleet ratio is also being mirrored in the mediocre fleet growth of around 2.1-2.2% during 2022.
It is evident that the supply levels will remain in the owner's favor; while external factors including the high congestion levels, the redrawing of the traditional trade routes which are leading to a shift to longer trips, and the environmental regulations which will push more owners to dispose of their vintage units and to the adoption of slow steaming practices will further narrow down the supply list.
By Yiannis Parganas
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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Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
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