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