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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, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- The University of Queensland
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
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