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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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Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
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- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- MS Steel International - UAE
- The University of Queensland
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Planning Commission, India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
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