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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
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