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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, 22 December 11
DRY BULK MARKET KEEPS LOSING TRACTION AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept retreating in the middle of the week, as charterers seem to be looking towards the holiday season and the start of the new ye ...
Tuesday, 20 December 11
THE COAL IMPORT INTO CHINA WAS QUIETER AS COAL STOCKS WERE AT HIGH LEVELS - BRS
The BDI ended the week at 1888 points (-1.8%), the BCI corrected to 3572 (-3.4%), the BPI was up at 1,775 (+3.6%), the BSI dropped to 1193 (-3.0%) a ...
Tuesday, 20 December 11
INDIA IMPORTS 66.41 PERCENT MORE COAL FROM INDONESIA LAST MONTH - SOURCES
COALspot.com: Indonesia, the world largest coal exporter, shipped 33.476* mln mt of coal in November, which is slightly higher than its Octobe ...
Monday, 19 December 11
KOPEX COMMITS ADDITIONAL ONE MILLION DOLLAR FOR PT TRANSCOAL MINERGY
COALspot.com - Mining contractor Kopex has agreed to extend a further US$1 million to finance the remainder of the expanded drill program at PT Tran ...
Monday, 19 December 11
PLN WILL NO LONGER BUY COAL FROM TRADERS
COALspot.com - Indonesia's state electricity company PT Perusahaan Listrik Negara will no longer allow traders to become their suppliers, said, its ...
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- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
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