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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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Thursday, 11 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 ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Planning Commission, India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
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