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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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Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
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- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
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