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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
Monday, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
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- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
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