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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, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Planning Commission, India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
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