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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- PTC India Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
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