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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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Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
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- Trasteel International SA, Italy
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
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