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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- Australian Coal Association
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
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