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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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