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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, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
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