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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, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
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