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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
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