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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, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
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- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- The University of Queensland
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Australian Coal Association
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
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