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