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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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