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