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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Australian Coal Association
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- The Treasury - Australian Government
- GMR Energy Limited - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
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