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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- The University of Queensland
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
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