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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
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