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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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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- Parliament of New Zealand
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
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