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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, 30 March 12
RECOND NUMBERS SURROUNDING THE SUPRAMAX DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Last year proved to be both a record year in the number of deliveries of dry bulkers between 40,000dwt and 64,000dwt, as well as a record year in th ...
Thursday, 29 March 12
DRY BULK EDGED FURTHER UP, ON HEALTHY DEMAND FOR MOST SHIP TYPES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With capesize vessels finally reappearing in demand, the dry bulk market had an easier task of rising yesterday, as the BDI (Baltic Dry Index) reach ...
Thursday, 29 March 12
ADARO FY11 NET INCOME JUMPS 124% - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share. ...
Wednesday, 28 March 12
CUESTA HAS RECEIVED APPLICATIONS AND FIRM BIDS IN EXCESS OF $9 MILLION FOR THE COMPANYS IPO
COALspot.com - The Directors of Cuesta Coal Limited (ASX:CQC) have announced that today it has received applications and firm bids in excess of $9 m ...
Wednesday, 28 March 12
ORPHEUS ENERGY TO COMMENCE JORC DRILLING AT ADK PROJECT
COALspot.com - Indonesian coal explorer and producer, Orpheus Energy (ASX:OEG), have today announced that the company is about to commence a drillin ...
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- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
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