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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, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Minerals Council of Australia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- White Energy Company Limited
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