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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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Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- The University of Queensland
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
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