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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, 26 October 20
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- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
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