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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, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Posco Energy - South Korea
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- The University of Queensland
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Indian Oil Corporation Limited
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