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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- White Energy Company Limited
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
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