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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
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