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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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Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
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- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
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