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