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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, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- McConnell Dowell - Australia
- Planning Commission, India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Eastern Coal Council - USA
- Parliament of New Zealand
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
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