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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, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
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