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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, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- The University of Queensland
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Sical Logistics Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
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