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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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Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
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- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Parliament of New Zealand
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
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