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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, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
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- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
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