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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
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