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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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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- The University of Queensland
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
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