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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
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