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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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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
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