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