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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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Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
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