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