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Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, ending yesterday’s session up by 0.28% at 706 points. Still, it was the Panamax market’s dreadful state that prevented the market from recovering even more, as the respective BPI (Baltic Panamax Index) was down by 2.53%, offsetting the rest of the market. Capesizes were up by 0.75% yesterday to 1,471 points, while Supras and Handies were also trading on a higher note, ending the session with gains of 0.94% and 1.03% respectively.
In any case the market is hugely depressed as a result of tonnage oversupply. In a recent research note, Mr. George Lazaridis of shipbroker Intermodal noted that “in the beginning of 2011, we had around 1,447 vessels scheduled for delivery plus another 111 vessels which were originally scheduled for 2010 and had been delayed and rescheduled to be delivered in 2011. Of these, only 1,007 were eventually delivered, while 403 were rescheduled for a later delivery date and 148 were cancelled. In terms of the original orders, this is a cancellation rate of close to 10% and a slippage rate of more than 25%” said Mr. Lazaridis in an effort to shed some light on the dry bulk market’s most pressing issue.
He went on by stating that “for 2012 things look a lot grimmer, with over 1,714 vessels now scheduled for delivery this year of which 403 of these are vessels that were originally planned for a 2011 delivery. Taking a case where we would see similar percentage of cancellations and slippages, the total number of deliveries could still reach as high as 1,115 vessels. However, even this is likely to be too high of an estimate as we are facing a lot more problems in the market then we were a year back” Mr. Lazaridis said.
According to his note, “the charter market has deteriorated considerably compared to the levels seen during the same period last year. What is more, is that the charter market has been generally in trouble for some time now, which means that owners have more than once had to reach into their pocket in order to keep their vessels’ operations running smoothly. This means that many have been left with minimal excess cash and would look more favorably at the option of delaying their newbuilding orderbook and as such delaying the payment schedules as well. At the same time sourcing finance for shipping assets has only gotten worse, and it is expected that quite a significant portion of the orderbook has not managed to secure financial backing, in effect further decreasing the possibility that these vessels will be built. All in all we could end up seeing less than 60% of the scheduled deliveries actually hitting the water within this year, which although a still considerable number in terms of active fleet growth is still more manageable and would leave prospects of a quicker market recovery” concluded Intermodal’s analyst.
In another market analysis, CARE Research said that it expects the shipping volumes in the dry bulk segment to continue to remain driven by the Chinese demand for coal and iron-ore. In addition, the Japanese import demand for coal and iron ore for the nation’s re-building efforts post the natural disasters is expected to propel the dry bulk trading volumes. However, with the dry bulk vessel deliveries as a % of existing fleet expected to average 25.5% and 6.8% for CY12 & CY13, the additions to the already excess capacity of dry bulk fleet is expected to affect the freight rates. Correspondingly, CARE Research expects the BDI is to remain range-bound ranging from 1,500- 3,000 levels during CY12 & CY13.
Adding further to to the worsening situation of declining trading volumes and over-capacity of existing vessels, CARE Research expects the global fleet size to surge from 1,030.7 million GT as on December 31, 2011 to 1,200.8 million GT as on December 31, 2013 implying a CAGR of 7.9%. This in turn would affect the utilisation rates of vessels ultimately resulting in decline of freight rates. CARE Research expects the said growth in fleet size to be primarily driven by the orders in the dry bulk segment accounting for 35.5% of the total dry bulk fleet size as on November 30, 2011.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
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 ...
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- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Planning Commission, India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
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