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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Australian Coal Association
- PTC India Limited - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
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