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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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Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
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- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- White Energy Company Limited
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
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