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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, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Indian Energy Exchange, India
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- Coalindo Energy - Indonesia
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- McConnell Dowell - Australia
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- Karaikal Port Pvt Ltd - India
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- Simpson Spence & Young - Indonesia
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- Price Waterhouse Coopers - Russia
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- Billiton Holdings Pty Ltd - Australia
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- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
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- Trasteel International SA, Italy
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- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
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- Posco Energy - South Korea
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- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
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- Bhushan Steel Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Australian Coal Association
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- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
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- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
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- Planning Commission, India
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- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
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- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
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- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
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- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
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- International Coal Ventures Pvt Ltd - India
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- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
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