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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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Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- London Commodity Brokers - England
- PTC India Limited - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
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