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