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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, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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