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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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Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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Showing 4811 to 4815 news of total 6871 |
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- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- The University of Queensland
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
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