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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, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
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- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Parliament of New Zealand
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- MS Steel International - UAE
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