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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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