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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, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
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