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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, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Australian Coal Association
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
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