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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, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 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 ...
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- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
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