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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, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
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