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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 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
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- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Parliament of New Zealand
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
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