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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Coal and Oil Company - UAE
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