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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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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
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- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- The University of Queensland
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
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