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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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Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
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- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Australian Coal Association
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
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