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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- The University of Queensland
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Australian Coal Association
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
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