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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- White Energy Company Limited
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- ICICI Bank Limited - India
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