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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, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
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