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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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Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
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