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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, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
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