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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, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- White Energy Company Limited
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
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