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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, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
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