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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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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Australian Coal Association
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- The University of Queensland
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
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