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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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Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- VISA Power Limited - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- White Energy Company Limited
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
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