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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- The University of Queensland
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
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