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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Parliament of New Zealand
- Romanian Commodities Exchange
- The University of Queensland
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