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Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profitability. According to ICAP Shipping congestion of the dry bulk fleet at Australian, Brazilian, Indian and Chinese ports at the end of last week was just above the 60Mdwt mark. "This is the highest level we have seen for thirteen weeks (since the middle of February this year) and is equivalent to around 10% of the total fleet. Interestingly, congestion has risen across all of the sectors from Capesize to Handysize. Capes currently account for 37.7Mdwt of the total queuing at ports, growth of over 7% week-on-week, while Panamaxes account for around 11.8Mdwt, growth of just under 9% w-o-w. Interestingly the largest percentage increases in congestion were for Supramax and Handysize, where on a w-o-w basis it rose by 15% and 25% respectively.
Nevertheless, in terms of deadweight these two sectors combined still accounted for less than total Panamax congestion. Provided all other factors remain unchanged, increased congestion at ports should provide some support to freight rates based on simple supply/demand dynamics; specifically a tightening of tonnage supply" said ICAP Shipping.
In its latest weekly report, shipbroker Intermodal noted that 2011 was a fairly disappointing year for shipping, with a tremendously large mismatch between supply and demand for the dry bulk segment in particular. “This affected both market prices and freight rates which fell close to some of the lowest levels recorded. Prices for tonnage older than 15 years of age reached fairly close to the residual value of the vessel itself (its value in terms of steel). It has been widely regarded in the whole shipping community that the only solution would be to scrap all vessels built prior to the 90's. As a result there has been an immense surge of older tonnage heading towards scrapyards in Bangladesh, China, India, Pakistan and Turkey. During the same period last year 17.8m deadweight has left the world fleet providing the markets with 3.5m tonnes of steel. By the end of 2011 the total amount of carrying capacity sent for scrap had reached 44.2m dwt which is equivalent with 8,7m tonnes of steel. Unfortunately and despite the evident efforts to reduce the fleet size, the large order book kept the supply of vessels on the rise. Around 1,125 dry bulkers (above 20,000dwt) were delivered during 2011, while at the same time only 339 dry bulkers (above 20,000dwt) were sent for scrap” said Spyros Stavropoulos, Intermodal’s analyst.
He went on to mention that “the first five and a half months of 2012 have shown positive signs, as demolition volume has been higher than that seen during the same period last year. Up to now, 25.8m dwt of vintage tonnage has been subtracted from the world fleet, albeit the fall in demolition price levels noted during the past weeks. These encouraging numbers are showing that the shipping community is committed to reducing the world fleet. An example of this temperament are the Capesize bulkers being sent for demolition which are defying the slide in ship scrapping prices”.
Meanwhile, “South Asian yards are well stocked as the subcontinent’s monsoon season approaches, while weakening steel demand in China has made its yards cut back on purchases. Prices in South Asian yards have dropped to $440-445 per ldt for bulkers and $465/ldt for tankers, from $450/ldt and $475-490/ldt the previous week. Chinese yards’ offers are unchanged at $390/ldt for bulkers and $415/ldt for tankers. But that did not stop owners from sending their ageing Capesizes for recycling, amid a still-depressed freight market. Big ships and vessels with rich stainless steel content continued to outperform the ship recycling market. With rates falling by the day, it is advisable for owners to decide the fate of their vessels quickly and take the best price/buyer available, as otherwise they may find themselves chasing down the market.
The drop in prices is explained by the oversupply of demo candidates which has led to an only natural drop in scrap steel prices. We can only hope that the levels of demolition seen so far this year for dry bulkers continue and that a significant amount of the large order book of 1,219 dry bulk vessels scheduled for delivery in the remaining period of 2012 is not fulfilled” Intermodal concluded.
Intermodal had noted that "Hellenic ship owners still occupy the top position amongst buyers in the secondhand S&P market. In its latest report, Intermodal mentioned that “since January they have managed to pick up at least 70 vessels spending over $ 1.2 billion to do so. This is a large difference when compared to the Chinese which hold second place amongst buyers’ nationality, with only 42 vessels reported purchased so far and having spent less than half the amount of that spent by the Greeks. This is even more remarkable when one considers the general lack of financing observed in shipping, let alone that available in the now illiquid Greek market”. In his note, Intermodal’s George Lazaridis stated that “all this points to the fact that Greeks continue to hold a firm belief in the shipping markets, as many of have an extensive experience of the market cycles and are used to navigating through such troubled market conditions. This does not mean that all is well and that there haven’t been or aren’t going to be casualties along the way. After all these cycles provide a cleansing opportunity, removing mismanaged companies and owners while at the same time pushing market players to remain competitive and efficient in the service they provide" he mentioned in a relative report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
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- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
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