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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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Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- PTC India Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
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