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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, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
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