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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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Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
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