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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Planning Commission, India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
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