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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, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
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