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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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Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
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