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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
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