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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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Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- The University of Queensland
- Ministry of Mines - Canada
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
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