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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
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