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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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Showing 906 to 910 news of total 6871 |
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- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
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