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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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Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
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- Deloitte Consulting - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- The University of Queensland
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
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