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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, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- PTC India Limited - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
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