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