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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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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Central Java Power - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
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