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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 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
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- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- White Energy Company Limited
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
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