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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- White Energy Company Limited
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- The Treasury - Australian Government
- Australian Coal Association
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
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