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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
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