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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, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
Sunday, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
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- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
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