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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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- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Economic Council, Georgia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- PTC India Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
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