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