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Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. This represents a close-to-record level that is only challenged by the deliveries during Q1-2011 where 24.4 million were delivered says BIMCO in an analysis of the dry bulk market. “This development has prompted an upward adjustment to our supply growth forecast for 2012 that now reads 11.4% y-o-y. So far, the active fleet has grown by 2.9% in 2012 as 288 vessels have been delivered, offset by 6.9 million DWT being demolished. The growth in the Handysize segment included 63 vessels of 2.2 million DWT – making the sub-segment grow by 3.2% during the first quarter of 2012. Meanwhile, the Capesize fleet absorbed another 10.5 million DWT, causing the fleet to grow by 4.3% since 1 January.
On the contracting side, things have calmed down significantly. Since the beginning of 2011, newbuilding orders have been fewer and fewer. For seven months in a row, the monthly level of new orders has not exceeded 1.8 million DWT. In comparison, the monthly average of ordered tonnage during 2010 stood at 8.1 million DWT. The remaining order book stays biased towards the larger ships sizes, with the order book to active fleet ratios being the highest for Panamax (60,000-100,000 DWT) at 40.8% with the Capesize segment being runners-up at 32.2%. The corresponding ratios for Handysize and Handymax are 25.4% and 26.8%” said BIMCO in its research note.
Regarding freight rates, it noted that “Capesize Time Charter Average will remain under pressure but improve from current very low levels, although it will not exceed USD 12,000 per day. For the smaller segments, we forecast that the Panamax and Supramax freight rates are likely to get closer to each other and improve, but remain in the USD 8,000-13,000 per day interval. Handysize rates should improve and head up, staying in the interval of USD 8,000-11,000 per day interval” it said.
Demand-wise, BIMCO stated that “there is no doubt that it takes time from when commodities are bought and transportation fixed and executed to the cargo being landed at the buyer’s desired port of discharge. There’s also no doubt that buying activity for staple cargoes such as coal and iron ore was hectic during the final months of 2011. If import figures continue to stay elevated and market conditions for bulkers stay weak, we can only conclude that the oversupply glut is apparently more severe and even heavier than we expected. Weather-related disruptions could not steal the picture from the overall devastating development in dry bulk freight rates that began in the first half of December 2011 and went all the way to early February before the bleeding was stopped. Since then, we have not seen any significant rebound, but rates have firmed slowly. This was in line with our forecast made in the previous report” says the report.
BIMCO further attempted to explain why rates came down that sharply in the first couple of months. “By looking at the import figures for main commodities such as iron ore and coal into China, you will find little indication that demand has died down, but March figures may present a more complete picture. Some commodities have certainly seen a drop in demand.
In the past three months (December-February) China imported 197 million tons of iron ore – up by 12% y-o-y – and 54.8 million tons of coal, up by 36%. This special market condition was a Capesize event only. As the dawn broke on 2012, the overcapacity menace returned with a vengeance, bringing not only Capesize rates to the floor but also Panamax, Supramax and Handysize rates at the same time.
When following the recent development in freight rates it is now crystal clear that the January touch-down was a sticky one. Currently, Capesize rates are still trapped in the shadows of USD 5,000 per day. The Capesize vessels that used to rule the development of freight rates have lost their position. For long periods during 2011 – and again in 2012 – rates were significantly below any other ship size. The fundamental imbalance is taking its toll. On the contrary, Supramax rates have now moved up to USD 10,000 per day, a level sufficient to cover daily running costs. This is sadly not the case for the Capesize segment generally right now. Looking back a little bit on recent history, the overall picture is similar in pattern for the various dry bulk segments, but different in levels. The limited total fleet growth in 2009 was partly due to extensive recycling of tonnage (10.1 million DWT), partly due to the rather limited introduction of new tonnage, a picture that changed completely in 2010 with the first deliveries of an exorbitant ordering spree. Despite a rather healthy demand picture during recent years, it remains a sizeable challenge to the freight markets to absorb so much tonnage. This has once again been carved in stone during the first quarter of 2012 and by seeing the very high segment growth rates for Capesize and Handymax in particular, the latter has been able to weather the storm in much calmer waters due to its more flexible nature in ports, cargoes and grab-fittings” concluded BIMCO.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 23 July 12
NTPC INVITES BIDS FOR 2.6 MILLION TONS OF LOW MOISTURE IMPORTED COAL
COALspot.com - India’s largest electricity generator, NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government ...
Sunday, 22 July 12
NEW CHAIRMAN FOR AUSTRALIAN COAL ASSOCIATION
The Australian Coal Association (ACA) announced that Mr Ross Willims has been appointed as its new independent Chairman effective November 5 2012. M ...
Sunday, 22 July 12
CENTRAL KALIMANTAN COAL RAILWAY NETWORK WILL BE BUILT BY 2015 - THE BORNEO POST
The borneo post reported that, a declaration to build a coal railway network is signed today (12/07/2012) in front of the Indonesian Vice President ...
Sunday, 22 July 12
COAL PRICES IN MIXED TRENDS; STOCKS REMAIN HIGH AT BOTH ENDS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery fell 0.99 percent on last Friday closing (d-o-d) and 1.19 percent com ...
Sunday, 22 July 12
TATA POWER SIGNS A LONG TERM COAL SUPPLY AGREEMENT WITH PT ANTANG GUNUNG MERATUS, INDONESIA
COALspot.com - Tata Power, India’s largest integrated power utility, last Friday announced that it has signed a long term coal suppl ...
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- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
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