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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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Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
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