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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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Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
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