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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, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
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