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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, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Planning Commission, India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
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