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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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- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Australian Coal Association
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
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