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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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Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
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- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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