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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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Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
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- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
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