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Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
 Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bulk market moving forward. In short, high scrapping activity, lower ship deliveries from 2017 onwards, as a result of negligible newbuilding activity and increased slippage, could lead to a significant improvement of the demand/supply balance of the market moving forward.
According to Pacific Basin, “Handysize and Supramax spot market rates averaged US$3,900 and US$4,570 per day net respectively in the first half of 2016, representing a 22% and 27% decline in average earnings year on year. Baltic dry bulk freight market indices continued to decline in early 2016 to new record lows for all bulk carrier types which, in February, all recorded TCE earnings of less than US$3,000 per day. Such level of earnings is below cash operating expenses and conditions are estimated to have been as poor as those of the early 1970s. Freight rates were undermined mainly by a general seasonal and Chinese New Year slowdown in demand, lingering oversupply of dry bulk tonnage and lower Chinese imports of coal. Increased activity after mid-February supported improved market freight rates – more notably in the Atlantic due primarily to increased South American grain exports – albeit from a very low base and resulting in a very weak half-year period overall for dry bulk shipping”.
In terms of supply, Pacific Basin noted that “the global fleet of 25,000-40,000 dwt Handysize and 50,000-60,000 dwt Supramax ships grew 1.4% net and 2.3% net respectively during the half year, and there has been negligible net growth in the dry bulk fleet overall since the seasonal surge in new ship deliveries in January. Following a similar pattern to last year, new ship deliveries in the first half represented 3.6% of existing dry bulk capacity and full-year deliveries are projected to fall significantly short of the scheduled order book. All-time low freight earnings encouraged increased scrapping to 1.8% of existing dry bulk capacity in the first quarter – a level not seen in over 30 years. The second quarter saw a reduced pace of scrapping due to improved freight market conditions. In the half year overall, shipowners opted to delete 2.8% of total dry bulk capacity and 2.5% of Handysize capacity rather than continue to operate their older or poorly designed ships in such depressed trading conditions. For the first time since the 1980s, we observed a meaningful number of vessels withdrawn from the market for short-term idling or longer-term lay-up”.
SHIP VALUES
The ship owner added that “values of benchmark five-year-old and newbuilding Handysize bulk carriers have reduced by 2% and 5% since the start of the year to US$9.3 million and US$19.5 million respectively as estimated by Clarksons Platou, and they appear to have stabilised. The significant gap between newbuilding and secondhand prices continues to discourage new ship ordering activity which will benefit freight market fundamentals in the future. Cancelled or abandoned newbuildings especially from Chinese shipyards are occasionally marketed for sale by shipbuilders at significant discounts”.
KEY DEMAND DEVELOPMENTS
Meanwhile, “year on year, Clarksons Platou estimate dry bulk shipping demand in the first quarter to have increased by 0.4%. Key drivers through the first half included increased iron ore exports – especially from Brazil – as well as growth in Chinese steel exports and bauxite and copper concentrates imports, and strong exports of long-haul South American agricultural products. Chinese imports of seven key minor bulks increased by 5 million tonnes or 4% year on year, reflecting slower growth in Chinese industrial output. Having declined significantly in early 2015, coal volumes have been steadier since a year ago. Reduced bauxite exports from Malaysia have been largely offset by growth in longer haul volumes from Guinea and other Atlantic exporters. US petcoke exports in January to April increased 6% year on year driven by strong growth in Indian demand which has more than offset a decline in volumes to China. Despite the marginally positive year-on-year demand data, a typical seasonal fall in dry bulk trade volumes from the last quarter of 2015 to the first quarter of 2016 contributed to record low freight rates in the first quarter. Overall dry bulk demand improved in the second quarter, particularly in the Atlantic due primarily to increased South American grain exports”, said Pacific Basin.
ORDERBOOK
Finally, “the dry bulk order book has reduced to 15% from 18% a year ago. New ordering for most dry bulk ship types was negligible in the first half of the year which is further increasing pressure on underutilised shipyards. New orders were substantially limited to thirty Valemax ore carriers dedicated to Vale’s own iron ore export trades and primarily built to replace an ageing Very Large Ore Carrier fleet. The significant order book shortfall and slippage continues, and we expect new ship deliveries in the full year 2016 to be similar to last year’s 49 million deadweight tonnes. We expect the absence of new ordering to result in significantly reduced new ship deliveries from next year onwards”, the ship owner concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
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- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
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