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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, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
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