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