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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, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- ASAPP Information Group - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
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