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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, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
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- Xindia Steels Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
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