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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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Monday, 11 March 13
SUB-BIT FOB INDONESIA COAL SWAPS FELL 1.41 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 1.41percent and CFR South China coal shipment ...
Sunday, 10 March 13
INDIA - INDONESIA SUPRAMAX FREIGHT : FIRM TREND
COALspot.com – This week freight market was raised and remained firm in all segments.
The BDI was up by 6.70 pct closed at 843 points, ...
Sunday, 10 March 13
INDONESIA'S FORESTRY DEPARTMENT IS TO INCREASE BORROW-TO-USE PERMITS (IJIN PINJAM PAKAI) FEE SOON
COALspot.com : Indonesia to increase borrows-to-use permit fees by 33.33 percent. The government of Indonesia is planning to increase the state&rsqu ...
Friday, 08 March 13
EKO SANTOSO BUDIANTO APPOINTED AS PRESDIENT DIRECTOR OF BERAU COAL ENERGY
COALspot.com - PT Berau Coal Energy has appointed Eko Santoso Budianto as new president director, replacing Rosan Roeslani. Berau’s extraordin ...
Friday, 08 March 13
INDONESIAN HBA UP FOR FIVE CONSECUTIVE MONTHS
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in March 2013.
The monthly coal reference ...
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- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
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