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