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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, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- The University of Queensland
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Planning Commission, India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
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