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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, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
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