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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, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- VISA Power Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
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