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Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
 The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contracting volumes of the respective segment remain low amidst a cocktail of different factors that have made both owners and shipbuilders focus on other sectors with Container one attracting most of the interest, followed by the Gas sector with massive orderbook plans having already begun. Among them, the steel prices and consequently the value of newbuildings have made owners pensive towards the construction of new vessels. Steel prices despite a recent downward correction are still on remarkable upper levels while both box ships and LNG vessels have occupied almost all the 2023-2024 slots meaning that any order is now dated for 2025 delivery onwards with shipbuilder participants happy to secure such units due to their higher profit margins. At the same time, a new paradigm with respect to the available tonnage supply has been evident during this year so far, in the sense that despite the softer Chinese demand, the shorter tonnage list is strong enough to support a multi-year upcycle.
According to our preliminary data, a total of fifty-one bulk carriers have been ordered during the first half of 2022. More specifically, twelve Handysize, twenty-five Ultramax, seven Kamsarmax, five Capesize and two Newcastlemax vessels were ordered so far this year accumulating a total amount of around 4.0 million dwt.
This amount is being added to an overall low orderbook to the fleet ratio which is standing now at 6.6%. More precisely, the largest rate is being witnessed in the Panamax/Kamsarmax sector with 8.2%, followed by Supramax/Ultramax with a 6.4% ratio, Capesize sector with a 6.2% and lastly the Handysizes with 4.8%. As far as the age is concerned, only 7.5% of the fleet is older than twenty years old while 20% of the fleet is under five years old. The low orderbook to fleet ratio is also being mirrored in the mediocre fleet growth of around 2.1-2.2% during 2022.
It is evident that the supply levels will remain in the owner's favor; while external factors including the high congestion levels, the redrawing of the traditional trade routes which are leading to a shift to longer trips, and the environmental regulations which will push more owners to dispose of their vintage units and to the adoption of slow steaming practices will further narrow down the supply list.
By Yiannis Parganas
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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Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Edison Trading Spa - Italy
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