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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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Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
Sunday, 15 January 12
THE FREIGHT MARKET CONTINUED TO BLEED - VISTAAR
COALspot.com - "The markets continued to bleed with BDI touching almost 1000 points , almost reaching the collapse of 2008 levels," said C ...
Saturday, 14 January 12
GOLDEN MINES TO SUPPLY 4 MIO TONS - INSIDER STORIES
Insider Stories reported that, Coal miner under Sinarmas Group PT Golden Energy Mines Tbk (GEMS), a subsidiary of PT Dian Swastatika Sentosa Tbk (DS ...
Friday, 13 January 12
DIFFICULT START OF 2012 FOR DRY BULK MARKET SEEN HARD TO CHANGE IN THE COURSE OF THE YEAR, UNLESS DEMOLITION PICKS UP
The dry bulk market has been on a freefall this week after a rocky start to the new year. Yesterday, the BDI (Baltic Dry Index) the industry's benc ...
Thursday, 12 January 12
DRY BULK MARKET CRASHING AT START OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept being on freefall mode yesterday, with the industry's benchmark, the BDI (Baltic Dry Index) losing a massive 5.17% on ...
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- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Planning Commission, India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
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