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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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Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- The University of Queensland
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
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