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