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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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Wednesday, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
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- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
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