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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 February 13
10TH CLEAN COAL FORUM WILL BE HELD ON JUNE 2013
CDMC Events will be presenting the 10th Clean Coal Forum 2013 on June 13 - 14, 2013 in Beijing,China.
It will make you understand regulatory asp ...
Sunday, 24 February 13
COAL SWAPS INCH UP WEEK - ON - WEEK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.17 percent and CFR South China coal shipme ...
Sunday, 24 February 13
BDI FELL 1.72 PERCENT BUT FREIGHT MARKET FAIRLY STEADY - VISTAAR
COALspot.com - This freight market has been fairly steady this week but, BDI fell1.72 pct and closed at 740 points.
The cape index also joins BDI ...
Saturday, 23 February 13
IHS MCCLOSKEY 20TH ANNUAL COAL CONFERENCE OF THE AMERICAS
IHS McCloskey 20th Annual Coal Conference of the Americas to be held on 13-14 March 2013 in Cartagena, Colombia
IHS is pleased to invite you to t ...
Thursday, 21 February 13
HANDY : THE PACIFIC MARKET GOT FIRMED UP AS CHINESE CAME BACK FROM HOLIDAYS - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week but rates remained unchanged as lot of ships in the market. The USG-Feast was at USD 18k and Bla ...
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- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
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