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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
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