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