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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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- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
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