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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 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
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- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
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