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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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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Bhatia International Limited - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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