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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, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
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- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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