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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- The University of Queensland
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Planning Commission, India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
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