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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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Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
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