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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, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
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- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Planning Commission, India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
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