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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, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Planning Commission, India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
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