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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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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
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