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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
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