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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
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- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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