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Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
 The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, especially for coal cargoes, while supply, i.e. tonnage, has kept on increasing at a high rate. However, moving forward, these dire fortunes could be reversed, as owners are doing their best to limit supply, through newbuilding cancellations and delays and scrapping of older vessels.
In its analysis of the dry bulk market conditions during the first quarter of 2016, ship owner Golden Ocean noted that “the rates observed were below operating costs in all segments and were the lowest rates observed for a whole quarter over the last thirty years. According to the Baltic Exchange, average earnings for the Capesize segment (CS4TC index) were $1,438 per day compared to $6,944 per day in the previous quarter and $4,595 per day in the first quarter last year. Panamax vessels experienced average rates of $3,077 per day against $4,453 per day the previous quarter and $4,831 per day in the same quarter last year. Supramax vessels earned on average $3,824 per day compared to $5,716 during the fourth quarter of 2015 and $6,455 in the same quarter in 2015. Half way into the second quarter, the rates have increased so that the average so far is more or less in line with operating costs, at between $5,000 and $6,000 for all three segments”.
Meanwhile, as Golden Ocean noted, “asset values dropped significantly on the back of the low rates observed in the first quarter and some sales around year end. There has recently been a small up tick from the values observed earlier in the quarter, following decent amount of buyers inspecting vessels held for sale, in particular quality tonnage. The poor rates observed in the first quarter are due to the seasonal spike of deliveries at the start of the year combined with low trade volumes in January and February. Trade volumes have picked up during March and April, in combination with a slow down of new deliveries and continued strong scrapping. Except for the rates observed towards the end of April in the Capesize segment, earnings are still hovering around operating cost levels despite decent demand, clearly indicating the significant oversupply that the dry bulk market is experiencing at the moment. At the same time, the prompt reaction in rates to increased demand also indicates that there will be volatility going forward”.
According to Golden Ocean “at the start of 2016, the official order book for the full year was 85.4 mill dwt. Deliveries in the first quarter totalled 18.1 mill dwt, which represents 21% of the full year order book. However, as has been observed for many years, a significant part of the order book is delivered in the first quarter of each year. In 2015, full year deliveries totalled 48.6 mill dwt of which 19.3 mill dwt was delivered in the first quarter almost 40% of full year deliveries. For 2015 the official order book was 79.9 mill dwt at the start of the year and thus had a delivery ratio of just above 60%. Based on the market we are observing at the moment owners are doing their utmost to delay and cancel newbuilding orders and delivery ratio in 2016 could come in lower than in 2015. Currently we are observing a slippage rate of around 45% implying full year deliveries below 50 mill dwt. With the current market environment there should be limited new orderings for the coming years. In addition to the market itself, owners are struggling with their existing fleets and financing has become scarce. This will over time reduce the orderbook as a percentage of the fleet”.
At the same time, “scrapping activity, which is mainly a function of the spot market, has been brisk in the first quarter of 2016. In total 12.5 mill dwt has been scrapped during the quarter and the net fleet growth during Q1 is therefore 5.5 mill dwt, representing 0.7% growth relative to the fleet at the end of 2015. For March net fleet growth was zero and in April we have observed negative fleet growth for the dry bulk fleet as a whole. Supramax (vessels between 40,000 and 65,000 dwt) is the segment with highest fleet growth year to date, while Panamax has seen negative fleet growth and Capesize is neutral up to the end of April”, the ship owner concluded.
Source: Hellenic Shipping News
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Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
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- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
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