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