Prices for newbuild dry bulk carriers are at their highest level in 15 years, with capesize vessels seeing particularly significant price increases, according to data firm Veson Nautical.
According to the maritime software company, prices are rising for all vessel types, but particularly for the ultra-large capesize vessels. Since the beginning of the year, the price per vessel for this vessel type has risen from $66.09 million to $69.63 million, an increase of about 5.45 per cent. Overall, since the beginning of 2024, prices for dry bulk carriers have risen by approximately 5.45 per cent across all segments of the market. This is due to a number of factors, including strong market fundamentals, increased demand, high steel prices and increased shipyard costs.
The increase in newbuilding prices was more pronounced compared to the same period last year. Prices for capesize vessels rose by 12 per cent in a year, while prices for Panamax (panamax) vessels rose by 10 per cent.
The one-year rate for panamax vessels is now around $16,300 per day, up around 11 per cent year-on-year, as a result of increased demand due to disruptions to traffic in the Suez and Panama Canals and radically improved demand from China.
According to Veson Nautical, Greek buyers have been the main buyers of Panamax newbuildings in 2024, accounting for around 45 per cent of orders.
The world's largest new mining project needs 170 capesize bulk carriers for iron ore shipments Clarksons Securities has revealed how the world's largest new mining project will see demand for capesize bulk carriers surge next year. The Simandou mining project in Guinea is on track for first production in 2025. Capesize bulk carrier owners have already placed more emphasis on the project in their first quarter financial reports.
Simandou is divided into two mining areas controlled by two joint ventures. The first is the Simfer Consortium of Companies, which is 53 per cent owned by Anglo-Australian mining company Rio Tinto and a number of Chinese companies. The second, WCS, is controlled entirely by Chinese interests. Rio Tinto expects a 30-month ramp-up period before it reaches 60 million tonnes of annual iron ore production. The project also has potential for expansion.
Assuming a similar development at another mine, total production capacity would reach 120 million tonnes by 2028. This compares with Clarksons Securities' estimate of effective annual production of 110 million tonnes. Analysts led by Frode Morkedal said, ‘Given China's strong ownership in both mines, it is reasonable to assume that the majority of Simandou's production could be shipped to China over a distance of 11,000 nautical miles (24,700 kilometres).’ This is similar to the distance from Brazil to China.
The investment bank added: ‘When taking into account the additional loading time from transhipment in the region, we believe the project has the potential to be fully loaded with 170 capesize vessels per year by 2028.’ This exceeds the current order book of 116 capesize vessels.
In April this year, the Guinean government announced that Simandou's shareholders had signed a financing agreement worth $15bn for the project, which will add around 5% of the world's iron ore reserves.
https://www.cnss.com.cn/html/hygc/20240604/353593.html
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