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Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
 If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as China’s slowdown is curbing freight rates. As such, the high level of demolition activity over the first half of the year, helped rates pick up during the third quarter. According to dry bulk ship owner Pacific Basin, Handysize and Handymax market spot rates averaged US$6,000 and US$8,340 per day net respectively in the third quarter of 2015. While only marginally up compared to the same period last year, these average market rates represent a 23% and 30% improvement on the previous quarter.
According to Pacific Basin’s analysis, “the quarter on quarter improvement was largely driven by healthier conditions in the Atlantic on strong South American agricultural exports. Atlantic spot market rates reached early 2014 levels and have since declined as the South American season subsides. By contrast, the Pacific freight market has been relatively flat, demonstrating only a moderate improvement through July which has since been reversed. Weak demand growth in the Pacific is largely due to the continued slowdown in Chinese coal and iron ore imports which together represent a large proportion of overall dry bulk trade”.
Detailing the demand side of things, the ship owner noted that “year-to-date coal imports are 30% down year on year while iron ore imports have been largely flat. Year-to-date Chinese imports of a basket of seven minor bulks are down 2% year on year due mainly to a weaker start to 2015. Minor bulk trade volumes since March were higher than in the same months in 2014 and have lent some support to demand for Handysize and Handymax ships. In particular, Chinese imports of bauxite increased year on year, and imports of soybeans and cereal grains are substantially up. Chinese steel exports have also increased”.
It continued by noting that “on the vessel supply side, the pace of newbuilding deliveries in 2015 has closely tracked 2014 when we saw the lowest rate of new ship additions in 15 years. The high level of scrapping in the first half of 2015 gave way to reduced scrapping in the third quarter due to the improved freight market. As a result, the overall dry bulk fleet expanded by 1.3% net during the quarter, having previously seen no net growth since the end of January. The overall dry bulk orderbook has reduced to about 17% of the trading fleet, but delays, cancellations, conversions and shipyard defaults – primarily in China – are leading to fewer actual deliveries than scheduled at the start of the year. The ship supply surplus built up in 2010-2012 and slowdown in Chinese raw materials imports – especially coal – continue to drive overall weakness, and we continue to manage the business for a weak market in the medium term”.
Pacific Basin also said that “secondhand values have been substantially flat in recent months. Benchmark five year old 32,000 dwt Handysize bulk carriers are currently valued by Clarksons Platou at US$13.0 million which is unchanged since May. Handysize newbuildings are valued at US$20.5 million and the significant gap between newbuilding and secondhand prices continues to discourage new ship ordering and favours buying secondhand ships”.
It concluded by noting that “this weakness will continue to affect shipping businesses and could result in more companies experiencing financial distress along the lines of Daiichi Chuo Kisen Kaisha’s recent filing for bankruptcy protection”.
In a separate report, BIMCO said that “when traditional demand growth is not increasing, we need to look harder for future growth. Here the glut of high-iron-content ore in the international markets and the following low prices may finally bring around a sizeable substitution in consumption by Chinese steel mills, away from the domestically produced low-iron-content ore, in favour of imports”. Calculations done by BIMCO show that monthly imports into China could be 20mt higher per month (+26%). A total of an extra 240 million tons on an annual basis could bring deployment for around 155 Capesizes, assuming an unchanged distribution between Australian and Brazilian imports (75%/25%). Last year, Australia grew its share significantly as 90% of Chinese incremental demand came from Australia. As Brazilian miner Vale is expecting to grow its output over the next year, this would improve the prospects. Working against would be more Brazilian ore transported on 400,000-DWT Valemax class ships operated by the miner itself or related parties”, BIMCO noted in its report.
As such, it concludes that “for the coming months: September-November, BIMCO expects the supply of new ships to stay subdued and slow paced towards the end of the year. The deteriorating demand-side conditions are expected to be somewhat reversed as we move into the stronger months of the year. The vital commodities, coal and iron ore, are both expected to be in higher demand in coming months, enhancing owners’ and operators’ opportunities to find employment for their ships. Altogether this should support the freight rates although no large-scale improvement to the fundamental balance is likely to develop”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
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Showing 1421 to 1425 news of total 6846 |
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- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- White Energy Company Limited
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Planning Commission, India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
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