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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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Saturday, 22 December 12
DELTA DUNIA MAKMUR PRODUCED 3.2 MILLION TONS OF COAL IN NOVEMBER' 12
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 28.1 million bcm* (+1.8% YoY) of Overburden in November 2012 while coal production was at 3.2 ...
Friday, 21 December 12
JORC CODE, 2012 EDITION NOW FINALIZED
COALspot.com - The JORC Committee has announced that, the completion of the review of the JORC Code of 2012 Edition.
The JORC Code, 2012 Ed ...
Thursday, 20 December 12
COAL CLOSING IN ON OIL AS WORLD'S TOP ENERGY SOURCE BY 2017
COALspot.com - Coal’s share of the global energy mix continues to rise, and by 2017 coal will come close to surpassing oil as the world’ ...
Thursday, 20 December 12
CHINA'S IRON ORE AND COAL DEMAND WILL SHAPE THE CAPESIZE DRY BULK TRADE DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the best efforts from ship owners to help alleviate the current tonnage oversupply issue in the dry bulk segment, especially in the larger v ...
Tuesday, 18 December 12
NEWCASTLE PORT IN AUSTRALIA SHIPPED 20.19 PERCENT MORE COAL W/E 17 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 3,269,640 MT of thermal and coking coal for week ended 0700 hours 17 December 2012, Newc ...
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- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- The University of Queensland
- Petron Corporation, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
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