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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, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
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