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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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Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- The University of Queensland
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
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