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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
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- Directorate General of MIneral and Coal - Indonesia
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- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
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