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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, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
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- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
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