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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, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Australian Coal Association
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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