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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Australian Coal Association
- Independent Power Producers Association of India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- The Treasury - Australian Government
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
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