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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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Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
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- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
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