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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Parliament of New Zealand
- CNBM International Corporation - China
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
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