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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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Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
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- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Planning Commission, India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
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