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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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Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
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- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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