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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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Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
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