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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- The University of Queensland
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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