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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, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
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