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Wednesday, 02 January 13
DRY BULK MARKET TO STAY ELEVATED IN START OF 2013 BUT THE NEW YEAR WILL NOT BE WITHOUT TURBULENCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 In its regular update on the dry bulk market, BIMCO forecasted, that Capesize time-charter rates are expected to stay elevated in the following six weeks at around $9,000 – 16,000. "Panamax is expected to be found in the USD 6,000-10,000 per day interval. For the Supramax segment, BIMCO forecasts freight rates to remain in the USD 7,000-9,500 per day interval, whereas Handysize rates are forecast to stay at the interval of USD 6,000-9,000 per day" the shipping organization said.
In its outlook, BIMCO's report noted that "the effect on asset prices stemming from the large inflow of new tonnage is felt across the board by all owners. Lately, the pressure on second-hand values has been so severe that the correlation with newbuilding prices is off. What once was a rather strong early indicator (correlation above 90%) of where newbuilding prices were heading, is now derailed, as Clarkson’s Bulkcarrier Secondhand Prices Index is exposing a price change of -29% as compared to the end of November last year. During the same period, the Bulkcarrier Newbuilding Price index is down by no more than 8%. Clearly, the erosion of vessel values is causing problems for ship owners and for the providers of finance. Balance sheet assets and liabilities are stretched at length, which puts even more strength in a positive and fairly predictable strong cash-flow to back the business. Q4 has brought about some optimism, with the BDI now at 1,022 driven primarily by strong Capesize demand. Leaving a disastrous 2012 behind, a stronger 2013 is most likely in the making, but don’t expect a lightning strike" the report said.
Meanwhile, in the supply side of things, BIMCO's Chief Shipping Analyst, Peter Sand said that "following an immensely hectic delivery pace during the first two quarters of the year at 30 and 33.5 million DWT respectively, things were back at “normal” in the 3rd quarter at 20.34 million DWT. Now, as we know the year-to-date numbers at the end of November coming in at 92.3 million DWT, the slowdown is considerable and happening across the board and not exclusively in China. Out of 1,118 dry bulk carriers launched so far in 2012, 579 have been delivered from Chinese shipyards (51%). Despite the recent slowdown, deliveries are forecast to go higher towards the end of the year, bringing the deliveries tally beyond the 100 million DWT mark for the second year in a row. Going forward, 2013 deliveries are “front end loaded”, with 52% in the first six months and 32% in the final six months, leaving 16% without a fixed delivery month.
The demolition of commercially obsolete tonnage has reached 517 vessels of 31 million DWT. This has positively reduced the active fleet, which nonetheless has grown by 9.8% since the turn of the year. In respect of demolition, 2012 has been just as good as the freight market has been bad. Despite disruptions at major demolition sites, the total demolition yard capacity has proved sufficiently large. India, followed by Bangladesh, took the lion’s share in that market" Sand noted.
In a separate analysis, shipbroker Intermodal, said that with shipping finance "on the ropes" as traditional lenders appear to be cutting their losses and tonnage oversupply still the most important issue plaguing freight markets, the shipping industry is looking at yet another challenging year ahead, as 2013 is edging closer and closer. According to most market analysts, a potential recovery has to be postponed until at least 2014, but things could get even worse in the meantime, as a result of potentially further troubles in Europe.
According to Intermodal's report, "the hit this time will be taken by the already crippled ship finance sector, with the upcoming banking reform possibly further limiting available credit lines to owners. Yet, the above will prove to be only a mere drop in the vast ocean of the future obstacles the shipping industry has to overcome. The worst possible effects of this banking reform will be with regards to trade rather than shipping investment itself. With shipping being a derived demand, this is something beyond the control of the industry’s players" said the report.
Intermodal's George Lazaridis said in the note that "what is in the industry players' control, is the performance of supply and how well it is organised to meet global requirements and that’s where the main focus should remain. As we stand now, it will be supply that will dictate the duration and extent of the damage caused to the industry. Owners have already taken steps to limit the fleet growth rate as much as they can. The noticeable delays and cancellations of newbuildings that have taken place this year have helped put a cap on the fleet growth rate. At the same time, thanks to a significant slowdown in new orders being placed, the orderbook has decreased dramatically. The final piece to the puzzle, though by no means of smaller importance, has been the record scrapping volumes witnessed this year" he said.
Lazaridis added that "with demand playing the most important role in giving a decisive direction to the market, it looks as though it may be heading for a drop, despite all these above measures taken. What’s important is to know by how much; If the stormy weather that is approaching is of “hurricane force”, we may find ourselves forming bridges of laid-up vessels. If on the other hand, we take the most optimistic case, it may well be that we will still have a number of troubled owners, witnessing their cash flows “run aground”. In any case this will leave distressed assets ripe for the picking for all those shipping funds that have amassed over the past years" he noted".
From all of us in the Hellenic Shipping News Worldwide team, we'd like to wish you and your families a Happy New Year!
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 26 March 13
NEWCASTLE PORT SHIPPED 2.39 MMT OF COAL W/E 25 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2.396 million tons of thermal and coking coal for week ended 0700 hours 25 March 2013, N ...
Monday, 25 March 13
BUNKER FUELS ARE ABOUT TO GET CLEANER, BUT AT WHAT COST? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The cost of bunkers is nowadays the driving force behind most ship owners' major decisions, with regulations bound to change in many parts of the w ...
Sunday, 24 March 13
THE SUB-BIT INDONESIA'S COAL SWAPS FOR Q2 DELIVERY PRICE LOST 7.47 PERCENT PMT M-O-M
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 3.39 percent and CFR South China coal shipment 2.65 ...
Sunday, 24 March 13
FREIGHT MARKETS CONTINUED TO FIRM - VISTAAR
COALspot.com - This freight market continued to remain firm in all segments except for cape index which softened slightly.
The BDI was up by 4.60 ...
Sunday, 24 March 13
DRY BULK MARKET PROSPECTS OFFER ROOM FOR RESTRAINED OPTIMISM SAYS SHIP OWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its announcement regarding its annual performance, ship owner Frontline offered some useful insight on the future prospects of both the dry bulk ...
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- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Sical Logistics Limited - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
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