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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, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
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- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- PTC India Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Minerals Council of Australia
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