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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, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
Tuesday, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
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- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Australian Coal Association
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
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