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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
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