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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
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- White Energy Company Limited
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
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