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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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Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Trasteel International SA, Italy
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