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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 $/ldt”, the shipbroker concluded.
Source: Hellenic Shipping News
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Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
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