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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, 28 January 13
BAYAN RESOURCES TO SELL 18 MILLION TONS OF COAL TO GNPOWER MARIVELES COAL PLANT
Publicly-listed PT Bayan Resources announced on Friday that it had signed an agreement on coal sales with Philippine-based GNPower Mariveles Coal Pl ...
Sunday, 27 January 13
CFR SOUTH CHINA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has gained 0.31 percent and CFR South China coal shipment&nbs ...
Sunday, 27 January 13
FREIGHT MARKET: FLAT TO SOFT - VISTAAR
COALspot.com - The freight market was soft and all the indices were down except for handy size.
The BDI was down 4.66 pct closing at 798 points.. ...
Friday, 25 January 13
BOTSWANA GOVERNMENT GRANTS COAL LICENSES TO A-CAP RESOURCES LIMITED
A-Cap Resources Limited has announced that it has been granted coal rights within its Bolau tenements which sit next to the Sese Coal and Power Proj ...
Friday, 25 January 13
SMALL ROOM FOR OPTIMISM FOR THE PROSPECTS OF THE DRY BULK MARKET AS NET FLEET GROWTH IS SLOWING DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market didn't manage to post a rebound during the past year, quite the opposite, as a fast fleet growth and slow ...
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- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
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