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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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- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- The University of Queensland
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
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