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Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which are leading the market. Instead, it’s the smaller ship types which are offering support to the market and are leading the industry’s benchmark, the BDI (Baltic Dry Index) to higher ground. Yesterday, the BDI was up by 0.57% to 879 points, led by the Panamax market, which rose by 1.96% to 990 points. It was closely followed by the Supramax segment, which saw an increase of 1.26% versus the previous session (963 points), while the Handysize market was also up by 1.18% to 513 points, after plunging to incredible lows.
Still, in a recent note, shipbroker RS Platou, warned that the recent cyclones which have struck the main iron ore shipping facilities of Australia, leading to a shutdown of the country’s leading iron ore exporting port, the Port of Headland, could be negative for fixture activity in the near term.
In any case, the BDI has been trading at near-record lows since the start of the year. the index fell by 44% during 2011, from an average of 2,761 points in 2010, to just 1,548 in 2011. In a recent report, Danish Ship Finance said that “the second half of 2011 saw a temporary spike in the index as Chinese steel producers stockpiled iron ore. In 2012, the Baltic Dry Index began the year with a sharp decline. By the end of February 2012, the daily observations of the index had fallen below 700. The monthly average stood at 703, down 40% year-on-year. Such levels have not been seen since late 2008 when the credit crisis was at its worst. By then, rates dropped because demand more or less evaporated overnight as the credit crisis took its toll on the world economy. Today, however, the low freight rates are mainly weighed down by a large supply of new dry bulk vessels” said the report.
In fact, during 2011, a total of 96 million dwt of new bulk carriers were added to the world’s fleet, while another 2 million dwt were converted from tankers to dry bulk vessels. In total 98 million dwt was added to the Dry Bulk fleet during 2011 (85 million dwt in 2010), an increase of 16% from 2010. The Capesize segment accounted for the largest share of delivered tonnage. 48% of delivered tonnage – or 248 vessels - were Capesizes, according to Danish Ship Finance. This, despite the fact that many owners “scrambled to either cancel or postpone their orders in 2011. In the orderbook as of April 2011 a total of 102 million dwt was still on order for delivery in 2011. By January 2012 a total of 14 million dwt of orders had been cancelled. Another 29 million dwt had had their scheduled delivery postponed into 2012 or beyond. Only 56 million dwt of the April 2011-orderbook scheduled for delivery in 2011 actually reached the oceans in 2011. That is a delivery performance of only 55% since April 2011” said the report.
Some relief was provided through the scrapping activity of older vessels, which took off during the past year, driven primarily by continuously low rates, shorter fixing periods and the incredible inflow of new tonnage. A total of 23 million dwt was scrapped during 2011 (7 million dwt in 2010). That is, 4% of the entire fleet was scrapped in 2011. Scrapping activity was the highest in the Capesize and Handysize segments with 5% and 7% of the respective fleets being scrapped.
“The remarkable levels of postponement and cancellations in combination with the record high scrapping activity helped to curb fleet growth despite the astonishing amount of new tonnage reaching the seas. The fleet grew 14% in 2011 (75 million dwt). That is down from 17% fleet growth in 2010 (78 million dwt), but still more than what was absorbed by demand growth during the same period. By end of December 2011, the total Dry Bulk fleet amounted to 611 million dwt – up by more than 50% since the eve of the financial crisis in 2008” said Danish Ship Finance, providing a clear explanation of the reason freight rates remain subdued since the beginning of the year.
The imbalance between supply and demand is pretty clear. According to Danish Ship Finance, “iron ore trade expanded 8% (99 million tonnes) in 2011 down from 11% growth (126 million tonnes) in 2010. With a total of 1,373 million tonnes of iron ore transported by sea in 2011, iron ore remains the largest seaborne commodity and the largest contributor to total seaborne trade growth in 2011. Growth was mainly driven by Chinese demand. China remains the single most important iron ore importer, accounting for 74% of the entire growth in the iron ore trade in 2011. The corresponding supply of iron ore to feed world demand was mainly driven by an 11% increase (37 million tonnes) in Brazilian iron ore exports followed by Australian exports which was up by 6% (26 million tonnes) in 2011.
Trade in coal and coke grew by 10% (92 million tonnes) in 2011 (fig. 6). This was slightly higher than the growth in 2010 (80 million tonnes) and mainly driven by demand from Asian countries. Particularly India has increased its imports of coal and coke. Indian imports rose by 25% (26 million tonnes) in 2011. But also Japanese imports of steam coal are up again following the devastating tsunami in early 2011. The added demand was mainly fed by an increase in supplies from Indonesia. Indonesian exports of coal and coke were up 14% in 2011 (37 million tonnes). Weather-related disruptions to Australian production of coal and coke in early 2011 meant that exports from Australia grew by a modest 4% (11 million tonnes) in 2011” said the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
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- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- MS Steel International - UAE
- The University of Queensland
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
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