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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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- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
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