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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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