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Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
 The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the coming winter period due to the seasonal demand for oil and its derivatives, however, such a boost will likely not suffice in positioning the market towards a recovery phase. With a second COVID-19 wave being potentially imminent, a dampening of crude oil demand may be upon us. A softened importing activity is already being observed in China (the world’s most prominent importer of crude). Chinese imports have been on a slowdown with volumes approaching end of Q1 – start of Q2 levels. Similar import tendencies have been exhibited by other leading importers due to the expectation of a second lockdown.
Tanker vessel values have come under significant pressure from the start of the year. With the exception of a few short-lived periods when a high demand for older tonnage due to storage projects was observed, crude ships have seen their values decline year-to-date. Leaving aside the Ocean tanker’s fleet, there is a scarcity of 5 to 10-year-old crude tankers on sale. There is a slightly higher supply of candidates for sale in the 13-16-year-old tanker vessel segment. The question is whether one should invest in a 15-year old crude tanker under a market that shows little signs of recovery. The present-day assumption employed by seasoned shipping veterans is that there is still a long way to go until the tanker market reaches rock bottom.
Despite potential long-run returns that an investment in a depressed market may yield, it can be argued that taking a stake in the secondhand market under the current market conditions may not be the only way forward for a shipping company. Present-day VLCC and Suezmax orderbook to fleet ratios are 8% and 9% respectively which are 5-year lows. Moreover, if we factor in demolitions to be undertaken until the end of the year, we could be looking at lower VLCC, Suezmax and crude tanker fleet growths than the already respectively subdued ones of 2.5%, 3.3% and 2.4%.
Newbuilding prices placed in Japanese, South Korean and Chinese yards with established track records have significantly decreased since the start of the year. Current VLCC and Suezmax newbuildings come at 8% and 10% price reductions respectively as opposed to January, 2020. Placing a VLCC or Suezmax order may make intuitive sense should the pressure on the tanker market continue to mount while signs of a recovery ahead remain bleak. By placing an order now, one would be allowing for a healthy time leeway for the combating of the pandemic. Despite being in the middle of a global health crisis, the shipping market still holds numerous opportunities in both the newbuilding and secondhand fronts which are awaiting to be exploited.
By Timos Papadimitriou,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- London Commodity Brokers - England
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