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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
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