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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
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