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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 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
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