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