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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, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
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- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Australian Coal Association
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Deloitte Consulting - India
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