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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
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