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