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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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Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
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- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
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