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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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- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
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