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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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Sunday, 08 January 12
THARPAK CONSORTIUM FORMED TO DEVELOP MEGA ENERGY COMPLEX IN SINDH PROVINCE, PAKISTAN
Press Release: On January 5th, TharPak, LLC met with officials of the Embassy of Pakistan in Washington DC to introduce and announce the formation o ...
Saturday, 07 January 12
COAL MARKETS SEE FALLING SPOT PRICES
COALspot.com – World’s thermal coal spot prices have slipped this week..
globalCOAL index in Newcastle Port, benchmark for Asian mark ...
Friday, 06 January 12
COAL INDIA LINKED COAL PRICES WITH INTERNATIONAL COAL PRICES
COALspot.com - Consumers of indigenous coal in India to pay International prices in the future. Coal India has recently moved from UHV pricing mecha ...
Friday, 06 January 12
CLARIDEN GLOBAL BRINGS YOU INDONESIA MINING 2012
Capitalizing Business & Investment Opportunities in an Uncertain Market.Press Release - Clariden Global brings you Indonesia Mining 2012, the dedi ...
Friday, 06 January 12
THE PANAMAX MARKET EXPERIENCED A SLOW START TO 2012 - FEARNLEYS AS
Handy
As usual after a holiday owners and charterers both try to get a feel of the market. An Armada of Supras were talking to ballast towards USG, ...
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- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Eastern Coal Council - USA
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