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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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Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
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- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
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