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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, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
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