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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, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
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