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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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Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- The University of Queensland
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
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