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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Planning Commission, India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
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