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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- McConnell Dowell - Australia
- Australian Coal Association
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
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