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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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Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
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- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- GMR Energy Limited - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
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