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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, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
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