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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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Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
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- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Planning Commission, India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
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