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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
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