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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Economic Council, Georgia
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