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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- White Energy Company Limited
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
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