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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, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Interocean Group of Companies - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
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