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