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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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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
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