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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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Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
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