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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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Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
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- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Marubeni Corporation - India
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