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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, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Planning Commission, India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
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