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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
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