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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, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
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