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