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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, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
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