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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 $49.0 million. It remains to be seen, whether Chinese authorities will manage to curb iron ore prices and subsequently steel values. Such a depreciation on the respective commodities will be reflected on newbuilding values as well; however, if China’s exertion in containing steel prices remains unsuccessful newbuilding prices will appreciate further according to the underlying steel inflationary trend.
By Yiannis Parganas,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
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