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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
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