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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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- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Economic Council, Georgia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
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