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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
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