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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
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