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