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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, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
Wednesday, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
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- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
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