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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, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
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- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
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