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Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
 Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of uncertainty regarding eco-friendly technology adoption which amplified concerns over the technology and fuelling choices on the newbuilding units. Covid-19 restrictions significantly impacted owners’ appetite for new orders, which coupled with the divided view on the long-term technology implementation caused a severe blow on the shipbuilding industry. At the time of writing, both concerns are still present.
Despite worldwide vaccination, the pandemic remains with lockdown restrictions being imposed around the world. In addition, there is no clear view on which type of fuel will be the next generation one, yet with LNG retrofits gaining a bigger market share week by week. However, today the shipbuilding tanker market activity witness a completely different outlook, with the volume of newbuilding contracts emerging w-o-w being significantly strong and the NB values at levels that we last observed back in 2015. With respect to the latter fact, we could agree that the recent spike in steel prices has supported a large part of newbuilding value increases; nevertheless, with the cost for new investments burdening the owner’s capital, it is evident that the appetite for new vessels is strong.
According to our preliminary data, YTD crude carriers contracting activity in dwt terms is estimated at around 9.6 million which is about +47.7% when compared to the same period last year (6.5 million dwt). The majority of orders that have materialized so far this year referred to VLCC units which account for 71% of the total orders (27 of the total tanker contracting activity of 38 units). If buying interest for crude carrier tonnage continues at the same pace it would not be a surprise to see 2021 contracting activity doubling the previous year volumes (around 15.4 million in dwt terms during 2020). Solely for the purpose of comparison, 2019 total contracting activity is estimated at around 19.6 million dwt with January-May 2019 newbuilding volume at 7.45 million dwt, a time period where the Coronavirus pandemic would stand as a science fiction theory.
As far as the asset values are concerned, average prices for VLCC, Suezmax and Aframax units to be constructed at top tier yards are estimated at $95.0M, $63.M, and $50.5 million respectively. A picture is worth a thousand words and that can be evident if we take a closer look at page 6 Indicative Newbuilding Prices table where a comparison with average values of the past 3 years can easily be made. Average prices of all sectors are hovering well below today’s values. Again, for the sake of clarity, 2021 average VLCC, Suezmax and Aframax newbuilding prices stand at $90.0M, $59.5M, and $49.0 million. It remains to be seen, whether Chinese authorities will manage to curb iron ore prices and subsequently steel values. Such a depreciation on the respective commodities will be reflected on newbuilding values as well; however, if China’s exertion in containing steel prices remains unsuccessful newbuilding prices will appreciate further according to the underlying steel inflationary trend.
By Yiannis Parganas,
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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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
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