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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- PTC India Limited - India
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