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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, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
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