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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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Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
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