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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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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
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