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Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
 Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bulk market moving forward. In short, high scrapping activity, lower ship deliveries from 2017 onwards, as a result of negligible newbuilding activity and increased slippage, could lead to a significant improvement of the demand/supply balance of the market moving forward.
According to Pacific Basin, “Handysize and Supramax spot market rates averaged US$3,900 and US$4,570 per day net respectively in the first half of 2016, representing a 22% and 27% decline in average earnings year on year. Baltic dry bulk freight market indices continued to decline in early 2016 to new record lows for all bulk carrier types which, in February, all recorded TCE earnings of less than US$3,000 per day. Such level of earnings is below cash operating expenses and conditions are estimated to have been as poor as those of the early 1970s. Freight rates were undermined mainly by a general seasonal and Chinese New Year slowdown in demand, lingering oversupply of dry bulk tonnage and lower Chinese imports of coal. Increased activity after mid-February supported improved market freight rates – more notably in the Atlantic due primarily to increased South American grain exports – albeit from a very low base and resulting in a very weak half-year period overall for dry bulk shipping”.
In terms of supply, Pacific Basin noted that “the global fleet of 25,000-40,000 dwt Handysize and 50,000-60,000 dwt Supramax ships grew 1.4% net and 2.3% net respectively during the half year, and there has been negligible net growth in the dry bulk fleet overall since the seasonal surge in new ship deliveries in January. Following a similar pattern to last year, new ship deliveries in the first half represented 3.6% of existing dry bulk capacity and full-year deliveries are projected to fall significantly short of the scheduled order book. All-time low freight earnings encouraged increased scrapping to 1.8% of existing dry bulk capacity in the first quarter – a level not seen in over 30 years. The second quarter saw a reduced pace of scrapping due to improved freight market conditions. In the half year overall, shipowners opted to delete 2.8% of total dry bulk capacity and 2.5% of Handysize capacity rather than continue to operate their older or poorly designed ships in such depressed trading conditions. For the first time since the 1980s, we observed a meaningful number of vessels withdrawn from the market for short-term idling or longer-term lay-up”.
SHIP VALUES
The ship owner added that “values of benchmark five-year-old and newbuilding Handysize bulk carriers have reduced by 2% and 5% since the start of the year to US$9.3 million and US$19.5 million respectively as estimated by Clarksons Platou, and they appear to have stabilised. The significant gap between newbuilding and secondhand prices continues to discourage new ship ordering activity which will benefit freight market fundamentals in the future. Cancelled or abandoned newbuildings especially from Chinese shipyards are occasionally marketed for sale by shipbuilders at significant discounts”.
KEY DEMAND DEVELOPMENTS
Meanwhile, “year on year, Clarksons Platou estimate dry bulk shipping demand in the first quarter to have increased by 0.4%. Key drivers through the first half included increased iron ore exports – especially from Brazil – as well as growth in Chinese steel exports and bauxite and copper concentrates imports, and strong exports of long-haul South American agricultural products. Chinese imports of seven key minor bulks increased by 5 million tonnes or 4% year on year, reflecting slower growth in Chinese industrial output. Having declined significantly in early 2015, coal volumes have been steadier since a year ago. Reduced bauxite exports from Malaysia have been largely offset by growth in longer haul volumes from Guinea and other Atlantic exporters. US petcoke exports in January to April increased 6% year on year driven by strong growth in Indian demand which has more than offset a decline in volumes to China. Despite the marginally positive year-on-year demand data, a typical seasonal fall in dry bulk trade volumes from the last quarter of 2015 to the first quarter of 2016 contributed to record low freight rates in the first quarter. Overall dry bulk demand improved in the second quarter, particularly in the Atlantic due primarily to increased South American grain exports”, said Pacific Basin.
ORDERBOOK
Finally, “the dry bulk order book has reduced to 15% from 18% a year ago. New ordering for most dry bulk ship types was negligible in the first half of the year which is further increasing pressure on underutilised shipyards. New orders were substantially limited to thirty Valemax ore carriers dedicated to Vale’s own iron ore export trades and primarily built to replace an ageing Very Large Ore Carrier fleet. The significant order book shortfall and slippage continues, and we expect new ship deliveries in the full year 2016 to be similar to last year’s 49 million deadweight tonnes. We expect the absence of new ordering to result in significantly reduced new ship deliveries from next year onwards”, the ship owner concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
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- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
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- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
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- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- The University of Queensland
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- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
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