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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
 After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. Over the last week, prevailing buying interest in the wet sector continued to grow with the spotlight being on modern MRs and vintage VLCCs. A total of 8 deals were reported in the MR segment, the vast majority of which were built in South Korea and were less than 5 years old up to Resales, while a couple of them were built in Japanese yards aging around 10 and 20 years, respectively. In the VLCC segment more than a handful of S&P transactions were recorded with most of them being built in South Korean yards and more than half fitted with scrubbers while the whole S&P realm consisted of vessels aged above15 years.
In the NB market, with regards to the VLCC segment, during Q12021, around 25 orders were placed whilst all of them were in Korean shipyards, the highest figure since Q2-2015 when circa 30 vessels were ordered, but VLCC earnings were hovering above $40k/day vs the current negative BDTI TCE for VLCCs. The closest Q1 contracting levels were seen during the first quarters of 2014, 2015 & 2019 when around 15-20 orders were placed. Compared to Q12020, the figure is around 4 times higher while it represents around 60.0% of the total annual placed orders during 2020. For reference the VLCC current orderbook accounts of approx. 96 vessels.
VLCC orders placed during 2021 up to date, were contracted for account of Greek, Korean, Malaysian and US based buyers, with Greeks holding a proportion slightly less than half of the total. Out of the 8 different parties that put these orders, 3 of them having recently sold their vintage tonnage are aiming for a fleet renewal while a couple of them are aiming at expanding their fleet. What is more, the rest 3 parties with an orderbook corresponding to around 9 vessels are newcomers into this segment. Although owners of such tonnage are struggling to confront the current low rates, their choice either in expanding/renewing their fleet or even entering this segment, is in fact a vote of confidence to the crude oil market and proves their high expectations.
As for the other crude oil segments, new contracts have been relatively subdued compared to VLCCs and have come below the past 5 year average during Q1s. Regarding the MR segment, around 18 units were contracted, being the highest Q1 contracting figure since Q12014, when approx. the same number of orders was placed.
Overall, as owners maintain a positive sentiment regarding the wet market and combined with an aging fleet, this tendency has led to an increased number of n/b orders by historical standards vs where the actual market stands, especially in the VLCC segment. However, tankers supply dynamics still look favorable over the next two years, as total orderbook as a % of the fleet continues to start at multiyear lows, with VLCCs orders below 10% of the fleet in dwt terms and below 9.0% for the rest of the crude segments.
By Mohamed Rabie,
Research Analyst
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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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
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