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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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Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
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