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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, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
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- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
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