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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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Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
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- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Posco Energy - South Korea
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
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