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