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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, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
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- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
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