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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, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
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