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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, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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