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Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
 As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared to the levels of the same period last year; a year where newbuilding orders were also down compared to the year before.
Starting with the Handysize sector, a total number of 109 units are on order compared to the 127 units for the same period last year (5% vs 4% today in terms of orderbook to fleet ratio). In the Supra-Ultra segment, 233 ships were on order last year vs 188 units until today (5% of the fleet today vs 7% the year before). Moreover, regarding Panamax-Kamsarmax front is concerned, from a total orderbook of 193 ships last year, the current one now consists of 121 ships (9% vs 5% today). Finally, the orderbook of Capes/Newcastlemax stands today at 126 units vs 201 ships during the same period last year (7% and 12% of the existing fleet respectively).
Although the slow newbuilding contracting activity is evident and welcomed by all dry bulk ship owners, it is very interesting to undergo a more detailed research of the reasons that led to the above slump of orders. Initially, the fresh capital that used to come from investors, who are not directly related to the shipping industry, has dried up. With returns falling below expectations or being negative, the appetite for participation in newbuilding projects has gradually decreased.
Another reason is the absence of a breakthrough technology that would bring a meaningful improvement in new building designs, which are pretty much the same during the past 5 years. Notwithstanding that the most important “known- unknown” is still the next modus of propulsion. As a result, the shipping industry’s “divided” view on the commercial and long-term implementation feasibility of ESG in maritime transportation remains present, with shipping participants unable to reach a consensus on what type of fuel will the next generation ships use. Hence several owners adopt a “wait and see” approach while monitoring the new developments in the sector.
In addition to the above, another important reason why newbuilding orders are low, is definitely the low price of 5-yrs old ships compared to newbuilding prices. Ship builders are more inelastic on prices compared to the prices of modern second hand units which in today’s dynamic SnP market fluctuate in line with the freight market that has been extremely volatile over the past two years. Consequently, a significant amount of SnP transactions of modern ships have materialized. Specifically, 44 ships less or equal to 5-yrs old have been sold during 2019 and 44 in 2020 so far with prices mainly trading at a discount over newbuilding prices, which is as a disincentive for owners to order new ships.
All in all, bearing in mind all the above and in combination with the current low fleet-orderbook ratio, it seems that dry bulk owners should stop worrying about the supply of new ships, and focus on how many ships exit the market for recycling. That being said, an increase in scrapping activity will definitely boost freight rates further, and a bull market might be just around the corner.
By Ilias M. Lalaounis
SnP Broker
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, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
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- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
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