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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
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