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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, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
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- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Australian Coal Association
- Economic Council, Georgia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
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