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Monday, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
 Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olders carriers. In its latest weekly report, shipbroker Alibra Shipping noted that 2015 saw an upswing in Capesize spot rates during the first seven months of the year, peaking in early August, rallying briefly in September and declining for the rest of the year. According to Alibra, “this would seem to correspond with scrapping activity – owners sold many capes for demolition during the first half of the year but stopped scrapping as rates rebounded – which ultimately killed the market again. Since 2016 began, some 64 Capesize bulk carriers have been sold for demolition, compared to 66 during the same period last year – almost identical”.
Of course, one could raise the question if we could see the same trend in freight rates during 2016 as well. Attempting to answer that question, Alibra noted that “demolition is only half of the story. In 2015, only 55 new Capesizes (10,999,600 dwt in total) were delivered between January 1 and July 8. During the same interval this year, however, 104 Capesizes have hit the water (20,100,627 dwt in total), some of which will be vessels that were originally scheduled for delivery in 2015. This is equivalent to net fleet growth of 2.6% since January 1”, said the shipbroker.
Alibra added that new software has shown how sensitively Capesize freight rates respond when vessels are removed from the trading fleet. According to MarineTraffic.com’s draft software, it is estimated that 37 Capesize bulk carriers (6.6m dwt in total) were laid up around the world, as of June 5. Alibra said that “this number is equivalent to 2.4% of the 1,521 Capesizes currently on the water. Most interestingly, MarineTraffic has found the number of laidup Capesizes identified by its software roughly tracks the trend shown by the Baltic Dry Index (BDI) week-by-week. The highest level of Capesize lay-ups was shown during the week commencing April 18 (week 16) this year. The BDI hit an eight-month high of 715 points just a few days later, on April 27. Rebound? An estimated 30m dwt in Capesize tonnage will have to be scrapped during 2016 and 2017 in order to offset the same volume of tonnage awaiting delivery and create a “floor” for freight rates. Research says this would result in the average age of a cape sold for demolition from the current 21 years to just 18 years. This is pretty drastic – in shortening the cash flow period, early scrapping cuts future earnings and vessel values. Is the cape market really so bad that shipowners would opt for such drastic measures?”, wondered Alibra Shipping.
Meanwhile, in the demolition market this past week, Allied Shipbroking noted that “despite a slight upward correction in price levels being offered activity has held fairly minimal compared to what we were seeing earlier in the year. The heavy monsoon rains have created a significant temporary disruption in demand, while the Ramadan has also played its part in that regard. Things should start to improve slightly over the next couple of weeks, while things are also expected to be helped from the improvements noted in the dry bulk freight market, which should in theory keep demo candidates lists fairly tight. We might see some negative effects being brought in from the strengthening of the US Dollar. This should hamper end buyers confidence slightly with regards to their appetite for speculative buying, though once activity in the Indian Sub-Continent resumes this should be fairly well countered and prices should be able to keep more buoyant that what has been seen over the past couple of weeks”.
In a separate note, shipbroker Intermodal said that “demolition prices remained stable for yet another week, while in the absence of strong competition, Indian breakers managed to snap a couple of high ldt bulkers as the Ramadan kept breakers in both Bangladesh and Pakistan on the sidelines, fact that weighed down heavily on overall subcontinent activity last week. The fact that prices have hardly moved during the last month despite the significantly softer activity, is without a doubt a positive sign and once both holidays and the monsoon season in the subcontinent come to an end there is a good chance that we will start seeing firmer bids. The fact that the supply of dry bulk candidates has also been rather moderate lately and is expected to remain as such in the following weeks, should also act as additional support for prices, while in the first half of the year dry bulk demo sales decreased by 4% in terms of number of vessels compared to H1 2015, but increased 5% in terms of dwt, which means that bigger sized bulkers have been sold for scrap in 2016 so far compared to the same period last year. Prices this week for wet tonnage were at around 165-270 $/ldt and dry units received about 145-250 $/ldt”, the shipbroker concluded.
Source: Hellenic Shipping News
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Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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