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