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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
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