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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, 05 March 12
SOME RESOURCE TITANS NOT THRILLED WITH INDONESIAN EXPORT BAN - THE JAKARTA GLOBE
The Jakarta Globe reported that, local representatives of major business associations in East Kalimantan have protested a government regulation that ...
Monday, 05 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
An air of optimism poured in the market this week for dry bulk shippers with the Baltic Dry Index recording daily gains during the end of February b ...
Sunday, 04 March 12
SE ASIA WAS FIRM FOR TRIPS TO INDIA AND CHINA - VISTAAR
COALspot.com - This week saw another upward trend with all indices up and generally market was firm.
The BDI was up by 7.38 pct closing at 771 po ...
Friday, 02 March 12
DJMBP HAS ANNOUNCED SECOND BATCH OF CLEAR N CLEAN CERTIFIED MINERS
COALspot.com - The Directorate general of mineral & coal of Indonesia has announced second batch of companies who have passed IUP Clear and Clea ...
Thursday, 01 March 12
BUKIT ASAM TARGETS EUROPEAN INVESTORS
COALspot.com - PT. Bukit Asam (persero) Tbk, Indonesian state owned coal miner is planning to conduct road show in Europe next week to target at Eur ...
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- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
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