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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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Saturday, 21 July 12
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT NEXT WEEK - VISTAAR
COALspot.com - The freight market was soft this week as all the segments were down.
The BDI was down by 6.58 pct closing at 1,037 points and the ...
Saturday, 21 July 12
INDONESIAN COMPANIES ABM INVESTAMA AND AVRA ASIA WORK OUT LONG-TERM CONTRACT - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading English news papaer in Indonesia reported that, ABM Investama, a company with diversified interests in coal mi ...
Friday, 20 July 12
INDONESIA-INDIA SUPRAS BEING FIXED AT $ 10K
Handy
After a stable last week, the Handysize market has experienced softening rates in the Atlantic. Ships are ballasting from India into the Atla ...
Friday, 20 July 12
HANDYSIZES PROVE RATHER ATTRACTIVE AMONG OTHER SHIPS, IN TERMS OF FUTURE RETURNS ON INVESTMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Handysize segment of the dry bulk market appears to offer the best incentive among other ship types, for a ship owners to invest in, says Interm ...
Wednesday, 18 July 12
TAIWAN POWER COMPANY TO IMPORT 0.588 MILLION TONS OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 588,000 MT tons of extra low sulfur sub-bituminous coal for Taipower thermal power plant thro ...
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- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
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