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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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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
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