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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, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- White Energy Company Limited
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- The University of Queensland
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