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