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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, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
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- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
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