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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, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
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