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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, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
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- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
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