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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
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