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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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Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
Wednesday, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
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- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Australian Coal Association
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
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