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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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Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
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