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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, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Australian Coal Association
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
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