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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
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