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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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Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
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- Bhatia International Limited - India
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- Eastern Coal Council - USA
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- Sinarmas Energy and Mining - Indonesia
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- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
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- IEA Clean Coal Centre - UK
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- Minerals Council of Australia
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- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
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- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
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- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
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- Latin American Coal - Colombia
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- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
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- Wilmar Investment Holdings
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- Malabar Cements Ltd - India
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- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
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- Agrawal Coal Company - India
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- Siam City Cement - Thailand
- Petron Corporation, Philippines
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- SMG Consultants - Indonesia
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- Chamber of Mines of South Africa
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- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Australian Coal Association
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
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- Metalloyd Limited - United Kingdom
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- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
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- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
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- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
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- Uttam Galva Steels Limited - India
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- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
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- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
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- New Zealand Coal & Carbon
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