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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, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
COALspot.com: The Indonesia Coal Price Reference ...
Tuesday, 01 September 20
WHY INDIA CAN'T MATCH THE GULF REGION'S RECORD-LOW SOLAR TARIFFS - IEEFA
5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
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- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- White Energy Company Limited
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Planning Commission, India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
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