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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, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
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- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
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