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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- The University of Queensland
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
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