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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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Wednesday, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
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