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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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Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Economic Council, Georgia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
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