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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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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
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