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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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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- MS Steel International - UAE
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
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