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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, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
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