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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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Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Economic Council, Georgia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
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