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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, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Petron Corporation, Philippines
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
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