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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, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
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- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
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