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