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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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Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- The University of Queensland
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
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