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Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
 “Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2020 they are up 53%. During the same period, the order book has grown by 72%, reaching its highest level since early 2012 and is up 2% year-to-date,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.
Shipyards’ global order book currently stands at 133m Compensated Gross Tonnage (CGT), an increase of 56m CGT compared to the order book’s most recent low in late 2020. LNG and container ships have accounted for respectively 35% and 30% of the increase while bulk carriers, tankers and LPG have accounted for the rest.
The order book for container ships, however, peaked during the first quarter of 2023 and has fallen since. Year-to-date, the container ship order book has fallen 16%, deviating from the overall growth trend together with the bulk carrier order book which is down 3%.
“So far this year, the tanker and LNG segments combined have been the main drivers of growth in the global order book. In addition, the LPG tanker, cruise ship, chemical tanker and RoRo ship order books have seen double digit growth,” says Rasmussen.
Between 2010 and 2020, the shipyard industry was plagued by overcapacity. Therefore, prices only varied +/- 10% from the period’s median price.
Assuming that the available shipyard capacity in a year equals the maximum delivered in the past five years, we can illustrate both the past overcapacity and how the situation has improved.
Between 2010 and 2020, the median order book vs capacity ratio was 2.2, declining to 1.7 during the second half of 2017. Since then, the ratio has climbed from 2.1 in late 2020 to 3.7 currently, the highest since 2010.
This improvement has helped fuel the price increases. The 53% price increase in just 3.5 years may seem dramatic but it is worth remembering that the average annual price increase between 2010 and 2024 has only been 2.3% even though manufacturing wages in China have more than tripled.
“Looking ahead, the need to start replacing the large generations of ships built in the 2000s, as well as the need to decarbonise, appear to bode well for future contracting. Avoiding a massive build-up of shipyard capacity like in 2000s will be critical if shipyards are to avoid a rise in overcapacity and a scenario where prices fall back to the levels seen in the 2010s,” says Rasmussen.
Source: By Niels Rasmussen, Chief Shipping Analyst at BIMCO
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Planning Commission, India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
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