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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, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- PTC India Limited - India
- The University of Queensland
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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