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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Parliament of New Zealand
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Australian Coal Association
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
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