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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, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
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- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
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