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Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the coming winter period due to the seasonal demand for oil and its derivatives, however, such a boost will likely not suffice in positioning the market towards a recovery phase. With a second COVID-19 wave being potentially imminent, a dampening of crude oil demand may be upon us. A softened importing activity is already being observed in China (the world’s most prominent importer of crude). Chinese imports have been on a slowdown with volumes approaching end of Q1 – start of Q2 levels. Similar import tendencies have been exhibited by other leading importers due to the expectation of a second lockdown.
Tanker vessel values have come under significant pressure from the start of the year. With the exception of a few short-lived periods when a high demand for older tonnage due to storage projects was observed, crude ships have seen their values decline year-to-date. Leaving aside the Ocean tanker’s fleet, there is a scarcity of 5 to 10-year-old crude tankers on sale. There is a slightly higher supply of candidates for sale in the 13-16-year-old tanker vessel segment. The question is whether one should invest in a 15-year old crude tanker under a market that shows little signs of recovery. The present-day assumption employed by seasoned shipping veterans is that there is still a long way to go until the tanker market reaches rock bottom.
Despite potential long-run returns that an investment in a depressed market may yield, it can be argued that taking a stake in the secondhand market under the current market conditions may not be the only way forward for a shipping company. Present-day VLCC and Suezmax orderbook to fleet ratios are 8% and 9% respectively which are 5-year lows. Moreover, if we factor in demolitions to be undertaken until the end of the year, we could be looking at lower VLCC, Suezmax and crude tanker fleet growths than the already respectively subdued ones of 2.5%, 3.3% and 2.4%.
Newbuilding prices placed in Japanese, South Korean and Chinese yards with established track records have significantly decreased since the start of the year. Current VLCC and Suezmax newbuildings come at 8% and 10% price reductions respectively as opposed to January, 2020. Placing a VLCC or Suezmax order may make intuitive sense should the pressure on the tanker market continue to mount while signs of a recovery ahead remain bleak. By placing an order now, one would be allowing for a healthy time leeway for the combating of the pandemic. Despite being in the middle of a global health crisis, the shipping market still holds numerous opportunities in both the newbuilding and secondhand fronts which are awaiting to be exploited.
By Timos Papadimitriou,
SnP Broker
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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Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
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Showing 11 to 15 news of total 6846 |
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- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- The University of Queensland
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
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