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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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Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 March 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- White Energy Company Limited
- CNBM International Corporation - China
- Minerals Council of Australia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
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