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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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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
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