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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
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