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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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Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
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- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
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