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