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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
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