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