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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Economic Council, Georgia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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