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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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Saturday, 04 February 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 6,000 PER DAY - VISTAAR
COALspot.com - The markets continued to soften which dropped by almost 11 pct and BDI closing at 647 points.
The drop in BDI was mainly due to dr ...
Thursday, 02 February 12
NO RELIEF YET FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although at the start of 2012 nobody can claim that the global seaborne trade has suddenly come to a halt, quite the contrary, it seems that the dry ...
Wednesday, 01 February 12
KRISHNAPATNAM PORT - GOING DEEP TO SOAR HIGH
COALspot.com - Krishnapatnam Port now rightfully claims as the deepest draft port in India, as it has started accepting vessels with maximum permiss ...
Wednesday, 01 February 12
IN JAMBI, MOST MINING COMPANIES LACK 'CLEAR-AND-CLEAN' PERMITS - JP
More than three-quarters of the 386 mining companies in Jambi lack “clear-and-clean” certifications from the government, according to an ...
Wednesday, 01 February 12
2% OF IBPS TOTAL CONCESSION AREA CONTAINS TOTAL COAL RESOURCE OF 56.1 MILLION TON
COALspot.com - PT. Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC (Joint Ore Reserves Committee) res ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
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