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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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- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Minerals Council of Australia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Australian Coal Association
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
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