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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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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
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