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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, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- Planning Commission, India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Parliament of New Zealand
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
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