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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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Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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- Economic Council, Georgia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
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