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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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Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
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