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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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Tuesday, 21 February 12
THREAT ISSUED ON MINERAL FIRMS AS GOVT PLANS EXPORT BAN - THE JAKARTA POST
The Jakarta Post, one of the leading english news papaer in Indonesia reported that, the government has given mineral producers three months to subm ...
Monday, 20 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU
The dry market experienced one more disappointing week with tonnage oversupply and limited cargo demand that pushes earnings for shipping players to ...
Monday, 20 February 12
JATENERGY SECURES FIRST 8000-TONNE COAL SALES CONTRACT FOR JONGKANG MINES
8000-tonne contract with Singaporean buyer signed for March delivery
50% down payment due in five working days
Production continues at both Jongka ...
Monday, 20 February 12
DIAN SWASTATIKA ACQUIRES ANDALAN LESTARI - INSIDER STORIES
Insider Stories reported that, PT Dian Swastatika Sentosa Tbk (DSSA), controlled by Fuganto Widjaja, son of Indra Widjaja, reported a 99.83% takeove ...
Monday, 20 February 12
COAL BOOM AND ENVIRONMENTAL CONCERN - SUNIL K KUMBHAT
COALspot.com - The dawn of the 21st century has seen a shift in the world's commercial balance of power, with the dominance of the US, Europe and J ...
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- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- White Energy Company Limited
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
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