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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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Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
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- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
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