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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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Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
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- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
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