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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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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Sakthi Sugars Limited - India
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- Indian Energy Exchange, India
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- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
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- Bangladesh Power Developement Board
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- Xindia Steels Limited - India
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- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
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- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
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- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
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- Coal and Oil Company - UAE
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- New Zealand Coal & Carbon
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- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
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- Indogreen Group - Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
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- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
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- Wilmar Investment Holdings
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- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Independent Power Producers Association of India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
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- Holcim Trading Pte Ltd - Singapore
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- Bukit Makmur.PT - Indonesia
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- The State Trading Corporation of India Ltd
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- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
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- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
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- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
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- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
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