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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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- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
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