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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, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
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- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- The Treasury - Australian Government
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