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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
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