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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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Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
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- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
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