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