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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Trasteel International SA, Italy
- MS Steel International - UAE
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Sical Logistics Limited - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
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