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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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- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
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