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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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
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