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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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Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
Sunday, 15 April 12
THE SPOT FIXTURE RATES FOR SUPRAMAX IN SE ASIA SAW SOME SOFTENING OF CHARTER RATES - VISTAAR
COALspot.com - The market seem to be holding and except for Supramax and handy size index all other index was up with BDI up by 4.74 pct closing at ...
Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on ...
Friday, 13 April 12
S&P CAUTIONS AGAINST NEW INDONESIAN MINING REGULATIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Investors may have expressed concerns about looming new mining regulations, but ratings agency Standard & Poor& ...
Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
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- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Parliament of New Zealand
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
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