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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
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- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Minerals Council of Australia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
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