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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Interocean Group of Companies - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
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