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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Bhatia International Limited - India
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