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