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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Minerals Council of Australia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
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