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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, 11 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
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- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
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