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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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Showing 811 to 815 news of total 6871 |
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- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- PTC India Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- White Energy Company Limited
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
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