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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
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