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Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
 As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared to the levels of the same period last year; a year where newbuilding orders were also down compared to the year before.
Starting with the Handysize sector, a total number of 109 units are on order compared to the 127 units for the same period last year (5% vs 4% today in terms of orderbook to fleet ratio). In the Supra-Ultra segment, 233 ships were on order last year vs 188 units until today (5% of the fleet today vs 7% the year before). Moreover, regarding Panamax-Kamsarmax front is concerned, from a total orderbook of 193 ships last year, the current one now consists of 121 ships (9% vs 5% today). Finally, the orderbook of Capes/Newcastlemax stands today at 126 units vs 201 ships during the same period last year (7% and 12% of the existing fleet respectively).
Although the slow newbuilding contracting activity is evident and welcomed by all dry bulk ship owners, it is very interesting to undergo a more detailed research of the reasons that led to the above slump of orders. Initially, the fresh capital that used to come from investors, who are not directly related to the shipping industry, has dried up. With returns falling below expectations or being negative, the appetite for participation in newbuilding projects has gradually decreased.
Another reason is the absence of a breakthrough technology that would bring a meaningful improvement in new building designs, which are pretty much the same during the past 5 years. Notwithstanding that the most important “known- unknown” is still the next modus of propulsion. As a result, the shipping industry’s “divided” view on the commercial and long-term implementation feasibility of ESG in maritime transportation remains present, with shipping participants unable to reach a consensus on what type of fuel will the next generation ships use. Hence several owners adopt a “wait and see” approach while monitoring the new developments in the sector.
In addition to the above, another important reason why newbuilding orders are low, is definitely the low price of 5-yrs old ships compared to newbuilding prices. Ship builders are more inelastic on prices compared to the prices of modern second hand units which in today’s dynamic SnP market fluctuate in line with the freight market that has been extremely volatile over the past two years. Consequently, a significant amount of SnP transactions of modern ships have materialized. Specifically, 44 ships less or equal to 5-yrs old have been sold during 2019 and 44 in 2020 so far with prices mainly trading at a discount over newbuilding prices, which is as a disincentive for owners to order new ships.
All in all, bearing in mind all the above and in combination with the current low fleet-orderbook ratio, it seems that dry bulk owners should stop worrying about the supply of new ships, and focus on how many ships exit the market for recycling. That being said, an increase in scrapping activity will definitely boost freight rates further, and a bull market might be just around the corner.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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Showing 726 to 730 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
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