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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, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Re ...
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- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Australian Coal Association
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
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