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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, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
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