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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, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Minerals Council of Australia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Deloitte Consulting - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- The University of Queensland
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
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