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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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Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
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- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- The University of Queensland
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
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