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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
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