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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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- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- The University of Queensland
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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