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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, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- The University of Queensland
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
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