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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, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Australian Coal Association
- Xindia Steels Limited - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- The University of Queensland
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
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