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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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Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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