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Saturday, 03 November 12
DEMOLITION IS THE KEY FOR DRY BULK SHIPPING'S RECOVERY SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 With the number of new building deliveries so far in 2012 already having surpassed the total of 2011, it's more than clear that the dry bulk sector needs more than record demolition activity in order to compensate for the additional tonnage. In other words, older vessels will have to exit the world's fleet in a faster rate, otherwise they will end up competing with their newer counterparts for the same cargoes. According to a recent report from shipbroker Intermodal, more than 1,000 dry bulk carriers have already been delivered since the start of 2012, with over 85 million tons of deadweight capacity and there's two more months until the end of 2012.
According to Intermodal's Theodore Ntalakos, "demolition remains the only alternative for vintage tonnage especially for the bigger vessels. More than 25m tons dwt of dry tonnage have seen the way to the scrapyards, making 2012 another record year in demolition. If we look at demolition versus new deliveries, almost 400 dry bulk carriers have been scrapped representing around 40% of new deliveries. In terms of deadweight, since the new ships are always bigger, demolition is about 30% of the new building deliveries. Although the numbers are more favorable compared to 2011, in 2012 we have seen economies slowing down or even contracting which no doubt has affected global seaborne trade" he said.
We added that "looking at the ratio (demolition/new deliveries) x100 in terms of dwt and in each sub-sector of the dry fleet we can explain and highlight some findings:
Vessels up to 20,000dwt – Demolition is almost 74% of the tonnage or 93% in terms of dwt indicating that this is a sector where the fleet has remained stable.
+ Handysize – the ratio is 55% hinting both the small orderbook as well as the overaged fleet.
+ Handymax/Supramax – the ratio is 22%, showing the limited scraping compared to the very large Supramax orderbook. This number is up from 11% in 2011, which shows that despite the high utilization of this segment, the fleet needs to grow at a slower pace.
+ Panamax – the ratio is 33%, up from 24% in 2011. The lousy rates sent more ships for demo this year, 6.3m tons went for demolition and 19m tons dwt were delivered.
+ Capesize – another poor year for Capesizes explains the fact that scrapings represent almost 40% of new deliveries" he mentioned.
Concluding his argument, Mr. Ntalakos noted that "it feels like demolition activity this year was more of a necessity, not only because the market has remained depressed, but mainly because the future of the older vessels does not look that bright. No doubt the pressure of the orderbook remains enormous and will continue to strangle the market and when world demand subsides, the demolition alone cannot bring the rates back up. As we reach towards the end of 2012, more vessels are coming and surely more demo activity is expected".
Meanwhile, in terms of dry bulk supply, BIMCO noted in a mid-October report that "while our projections for the fleet growth in percentage have remained somewhat steady most of the year, the flows in and out have been much stronger than foreseen at the start of the year. The hectic delivery pace has surpassed the astonishing level of 10 million DWT a month several times, whilst demolition activity has breached the 3 million DWT a month level numerous times too".
The report also examined what can be deduced from this? "Probably that many shipyards are suffering under an intense lack of cash-flow. Whereas the payment structure of the contracts previously were mostly equally distributed or front-heavy from signing to delivery, the contracts that have been made more recently are likely to be back-end loaded, releasing the biggest chunk of the money to the yards closer to the completion and delivery of the ship. This could be one of many explanations that may eventually cause widespread bankruptcies amongst smaller and privately-held yards in the main shipbuilding nations. The active fleet has grown by 8.8% since the turn of the year, as 964 new ships have now been delivered into a fleet that already stood at 8,901 dry bulk carriers at the start of the year. Fortunately, the pressure of 80 million DWT of brand new capacity being poured into the market has been eased to some extent by 375 over aged vessels being demolished.
Ship owners continuously apply the demolition tool generously in order to improve the bad market conditions by cutting down on the supply side. Demolition activity in India, Bangladesh and Pakistan in particular is strong, with lots of dry bulk tonnage sold for breaking. Following the drop in demolition prices from the top in April prices have now moved sideways at a new lower level that has stuck around for some months now. 25 million DWT has now been demolished during 2012 with more to come, assuming that ship owners continue to be tempted by the recycling price level" it concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 16 November 12
SHIP OWNERS KEEP ON INVESTING IN SECOND HAND VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Priced attractively, modern and with prompt delivery dates, second hand vessels are proving to be rather popular among cash-rich ship owners these d ...
Friday, 16 November 12
HANDY : IRON ORE WAS QUIET AND RATES FROM INDIA TO CHINA AROUND USD 5500
Handy
The Atlantic was weak with more supply of ships. Rates from Continent/ Feast at USD 9000 and from USG/China at USD 15k. The Pacific market re ...
Wednesday, 14 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 11.14 PERCENT MORE COAL W-W
COALspot.com - Newcastle port in Australia has loaded 3,100,686 MT of thermal and coking coal for week ended – 0700 hours 12 November 2012, Ne ...
Tuesday, 13 November 12
INITIAL COAL PRODUCTION AT KATINGAN RIA ON TRACK FOR 2013 FOLLOWING GRANTING OF 'IN PRINCIPLE' FORESTRY PERMIT, INDONESIA
Realm Resources Ltd (“Realm” or the “Company” - ASX: RRP) has announced that its application to upgrade its exploration fore ...
Tuesday, 13 November 12
BULK PORTS & TECHNOLOGY ASIA 2013
Press Release - TOC Events are pleased to announce a new addition to our global portfolio with the launch of the inaugural Bulk Ports & Technolo ...
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- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Marubeni Corporation - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
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