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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, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
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- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
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