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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
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