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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, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Planning Commission, India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
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