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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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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Australian Coal Association
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
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