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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Planning Commission, India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Australian Coal Association
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
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