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Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and eroding any chance of recovery for the shipping sector. In its latest weekly report, shipbroker Intermodal said that in the dry bulk sector "we witnessed a formidable fleet growth level this year as the excess in new orders placed over the past couple of years entered into service. At the time of writing new deliveries had reached 1,094 vessels (equivalent to 94.65 million DWT) which is a new record passing the previous set in 2010 by 174 vessels. At the same time scrapping was also excessive, as we saw 388 vessels head for the breakers’ yards during the year. This is significantly higher than the 262 bulkers scrapped last year, while in deadweight terms it’s more than double what we saw in 2009 and 2010 put together. Despite this, year-on-year fleet growth managed to reach around 12%" said Intermodal.
Similarly in the tanker sector, as Intermodal’s George Eliades mentioned, “things seemed more manageable, as we witnessed a more moderate growth rate this year which is set to reach close to 4%. Having said that however, it is important to note that most of the vessels scrapped were smaller tankers, while in terms of deliveries we witnessed 63 VLCCs hit the water. This averages to just over 5 vessels every month. Being a sector which has already been plagued by an oversupply of vessels, this increase in tonnage, consequently put further downward pressure on the market. Indication of this was not only witnessed in the freight market but was also seen in the demolition market these past months were we saw relatively young double hull VLCCs head for the breakers’ yards” said Eliades.
In a separate report last week, DVB Bank had said that the crude oil tanker fleet, despite the number of mass deliveries, the current orderbook still represents over 18% of the fleet in deadweight terms. An additional problem is that most of the fleet is young, with 70% estimated to be less than 10 years old, while less than 4% is more than 20 years old. This poses a serious issue, as it’s quite hard for a ship owner to scrap a vessel of just 15 years old, thus rendering the option of scrapping to alleviate oversupply problems as impossible to look at. In total, during 2011, DVB estimated that 172 vessels came in the market, resulting in a net increase of 94 vessels, as 35 vessels were converted and others were scrapped altogether. According to DVB, it is essential that scrapping of double hull vessels is increased significantly and that all vessels older than 15 years should be considered as plausible scrapping candidates.
What’s even more scary is that on top of the 186 vessels delivered in 2010 and the 172 vessels delivered so far in 2011, a further 324 tankers of 62.9 mio dwt are scheduled for delivery before the end of 2013. “Given the current market fundamentals for the Crude Oil Tankers, even if we factor a 25% discount on the Orderbook due to slippage, postponements and cancellations due to financing difficulties, refund guarantees, etc Newbuilds entering the fleet by the end of 2013 will still represent a 12.8% increase over the current fleet in dwt terms (243 vessels of approximately 47.2 mio dwt)” concluded DVB.
Continuing on the Container and Gas sectors, Intermodal said that “we witnessed a more moderate growth in fleet size this year, mainly due to the modest newbuilding ordering that took place since the start of the financial crisis in late 2008. Nevertheless, it was only the Gas carrier sector that was able to maintain a more bullish atmosphere in the chartering market, largely thanks to the still increasing demand for cleaner energy sources. The Containers which are still heavily dependent on end consumers in Europe and America have had to deal with a moderately decreasing demand especially on the long-haul routes.
While this year has seen a significant number of both deliveries and scrapping take place, 2012 is set to be another record breaking year. We have an extraordinary number of vessels scheduled for delivery while demand for further tonnage is not expected to increase as rapidly. In essence and in spite of the recent stall in increasing demo prices, scrapping is expected to be considerable as the newly delivered tonnage take preference amongst the relatively few charterer inquiries, pushing older vessels to head to head for scrapping sooner then would be expected” concluded the shipbroker.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 19 January 12
SOUTHGOBI RESOURCES SELLS MORE THAN FOUR MILLION TONNES OF COAL IN 2011, 58% MORE THAN 2010
COALspot.com - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) has successfully complets year 2011 on guidance in terms of coal sales and production.
...
Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
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- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Parliament of New Zealand
- PTC India Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
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