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