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