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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- White Energy Company Limited
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
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