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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
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