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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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- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
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