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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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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Australian Coal Association
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
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