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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, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
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- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
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