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