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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
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- PTC India Limited - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
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