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