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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
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