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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
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