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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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Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Trasteel International SA, Italy
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
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