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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
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