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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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Monday, 26 October 20
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Friday, 23 October 20
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KNOWLEDGE TO ELEVATE
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Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
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Wednesday, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
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- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Australian Coal Association
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- The University of Queensland
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- White Energy Company Limited
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