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Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
 If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as China’s slowdown is curbing freight rates. As such, the high level of demolition activity over the first half of the year, helped rates pick up during the third quarter. According to dry bulk ship owner Pacific Basin, Handysize and Handymax market spot rates averaged US$6,000 and US$8,340 per day net respectively in the third quarter of 2015. While only marginally up compared to the same period last year, these average market rates represent a 23% and 30% improvement on the previous quarter.
According to Pacific Basin’s analysis, “the quarter on quarter improvement was largely driven by healthier conditions in the Atlantic on strong South American agricultural exports. Atlantic spot market rates reached early 2014 levels and have since declined as the South American season subsides. By contrast, the Pacific freight market has been relatively flat, demonstrating only a moderate improvement through July which has since been reversed. Weak demand growth in the Pacific is largely due to the continued slowdown in Chinese coal and iron ore imports which together represent a large proportion of overall dry bulk trade”.
Detailing the demand side of things, the ship owner noted that “year-to-date coal imports are 30% down year on year while iron ore imports have been largely flat. Year-to-date Chinese imports of a basket of seven minor bulks are down 2% year on year due mainly to a weaker start to 2015. Minor bulk trade volumes since March were higher than in the same months in 2014 and have lent some support to demand for Handysize and Handymax ships. In particular, Chinese imports of bauxite increased year on year, and imports of soybeans and cereal grains are substantially up. Chinese steel exports have also increased”.
It continued by noting that “on the vessel supply side, the pace of newbuilding deliveries in 2015 has closely tracked 2014 when we saw the lowest rate of new ship additions in 15 years. The high level of scrapping in the first half of 2015 gave way to reduced scrapping in the third quarter due to the improved freight market. As a result, the overall dry bulk fleet expanded by 1.3% net during the quarter, having previously seen no net growth since the end of January. The overall dry bulk orderbook has reduced to about 17% of the trading fleet, but delays, cancellations, conversions and shipyard defaults – primarily in China – are leading to fewer actual deliveries than scheduled at the start of the year. The ship supply surplus built up in 2010-2012 and slowdown in Chinese raw materials imports – especially coal – continue to drive overall weakness, and we continue to manage the business for a weak market in the medium term”.
Pacific Basin also said that “secondhand values have been substantially flat in recent months. Benchmark five year old 32,000 dwt Handysize bulk carriers are currently valued by Clarksons Platou at US$13.0 million which is unchanged since May. Handysize newbuildings are valued at US$20.5 million and the significant gap between newbuilding and secondhand prices continues to discourage new ship ordering and favours buying secondhand ships”.
It concluded by noting that “this weakness will continue to affect shipping businesses and could result in more companies experiencing financial distress along the lines of Daiichi Chuo Kisen Kaisha’s recent filing for bankruptcy protection”.
In a separate report, BIMCO said that “when traditional demand growth is not increasing, we need to look harder for future growth. Here the glut of high-iron-content ore in the international markets and the following low prices may finally bring around a sizeable substitution in consumption by Chinese steel mills, away from the domestically produced low-iron-content ore, in favour of imports”. Calculations done by BIMCO show that monthly imports into China could be 20mt higher per month (+26%). A total of an extra 240 million tons on an annual basis could bring deployment for around 155 Capesizes, assuming an unchanged distribution between Australian and Brazilian imports (75%/25%). Last year, Australia grew its share significantly as 90% of Chinese incremental demand came from Australia. As Brazilian miner Vale is expecting to grow its output over the next year, this would improve the prospects. Working against would be more Brazilian ore transported on 400,000-DWT Valemax class ships operated by the miner itself or related parties”, BIMCO noted in its report.
As such, it concludes that “for the coming months: September-November, BIMCO expects the supply of new ships to stay subdued and slow paced towards the end of the year. The deteriorating demand-side conditions are expected to be somewhat reversed as we move into the stronger months of the year. The vital commodities, coal and iron ore, are both expected to be in higher demand in coming months, enhancing owners’ and operators’ opportunities to find employment for their ships. Altogether this should support the freight rates although no large-scale improvement to the fundamental balance is likely to develop”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 15 October 15
INDONESIA COAL PRICE REFERENCE FALLS FOR SEVEN STRAIGHT MONTH IN OCTOBER
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price this month.
The ...
Thursday, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
Monday, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
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- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
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