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