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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, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
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- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
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