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Wednesday, 10 April 13
DRY BULK FREIGHT RATES SEEN MOSTLY STABLE IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
 In its latest report, BIMCO forecast that for the coming six weeks, Capesize time charter average rates will remain subdued around $4,500-8,500 per day. The Panamax market is expected to hold on to recent gains and remain in the USD 5,000 – 10,000 per day range. In the Supramax market, BIMCO sees freight rates in the USD 7,000 – 11,000 per day, while Handysize rates are predicted to stay in the USD 6,500 – 9,000 interval on a daily basis.
According to the report, "the delivery pace is expected to come down as close to 25% of all the tonnage. BIMCO expects to see launched in 2013, has already been delivered during the first 11 weeks (20%) of the year. Should more than the expected amount of tonnage be built this will be a result of reduced slippage perhaps due to shipyard in dire need for cash paid down upon delivery. This is seen as plausible scenario but not our base-case.
For mysterious reasons the newbuilding prices for dry bulk tonnage seems to have flatten out in the course of the past 4-5 months whereas prices for tanker tonnage still seems to fade. This trend regarding dry bulk tonnage has been most significant for Capesize tonnage. This may have spurred some owners to “fish at the bottom of the market”, given some reason behind the recent Capesize order rush. From the demand side BIMCO expects “more of the same”, which is solid volumes in grains and coal that will eventually lift freight rates beyond the level of 2012. With Capesize as the exception, strong volumes seem to support higher rates in the three smaller vessel segments – not sentiments" BIMCO said.
In the supply side, the first 11 weeks of the year have seen the delivery of 17 million dwt, offset by 6 million dwt being recycled. "It took just 7½ weeks to deliver the same amount last year, but the slower delivery pace is not impacting the fundamental balance between tonnage demand and vessel supply quite yet. And the reason for this? It’s simple: following four years in a row with higher inflow of tonnage capacity outpacing demand, it does take a bit more than just a few months of market improvements to affect earnings significantly. But we are now for the first time in five years moving in the right direction.
Dry bulk demolition activity hasn’t been concentrated on any particular sub-segment. Just like the previous years, the average vessel sold for demolition was of 59,000 DWT. In 2013, the age has so far been 27 years which is about one year younger than last year. Bangladesh has taken the lion’s share of this, buying 2 million DWT paying around USD 420 per ltd,
which is 5% more than offered for the average dry bulk vessel sold for recycling", BIMCO said.
It added that "on the contracting side, CRSL records new contracts for 76 vessels of a total capacity of 7.5 million DWT. For some reason 30 Capesize vessels are amongst the new orders, as if the Capesize fleet was in desperate need for new tonnage. In 2012 a total of 31 new Capesize orders were placed. Bear in mind that the Capesize fleet has double during the past 5½ years – from 756 to 1,513 today, prior to that the doubling time for a much smaller fleet was 13½ years. Fortunately the launches of all these new orders are not expected before 2015. Of the recent Capesize orders, 75 percent have landed at Chinese yards and believed to be some kind of an ECO-design, with a still unknown improved fuel-efficiency. Taking some of the side-orders have been the 2012 Japanese merger of Universal Shipbuilding and IHIMU into Japan Marine United, which today holds the second largest order book amongst the Japanese yard groups - second only to Oshima Shipbuilding Co." it noted.
Meanwhile, in the demand-side of things, "the first couple of months have been challenging for all vessel sizes, but what was expected to become an extraordinary difficult year for Panamax owners has so far proven to be a somewhat positive surprise. Time charter equivalent earnings have crossed the thin red line and moved into positive territory beyond the point of just covering OPEX. Driven strongly by the South American grain season, the strong demand for tonnage has led to increased earnings as well as congestion around the key grain exporting ports in Argentina and Brazil. On the overall level Algeria, Iran and South Korea currently increase imports, whereas top importer, Egypt, slashed its demand due to tightening FOREX reserves and higher focus on domestic supplies.
Supramax earnings have also been lifted as a result of increased South American demand, whereas even a large demand for the iron ore and coal transporting sea-stallions, Capesizes have not been enough to support sustainable rates due to a massive supply of vessels in this segment. Earnings for Capesize vessels averaged last year USD 7,680 per day; at the poor year-to-date earnings of at USD 6,300 per day, the Capes continue to be impacted by the overhang of tonnage.
As the Chinese imports of coal reach record-high volumes, the question for ship-owners is: From where the bulk of the increased imports will be transported from? Nearby Indonesia has historically been the main trading partner with Australia coming in second.
In the last three months, the balance has tipped in favour of Australia, which is good news for the shipping industry, as Australian coal has to travel 50% longer. As a consequence, the tonne mile demand of Australian exports to China was almost double that of Indonesia’s in January and February 2013. Australia and Indonesia made up 61% of the seaborne tonne miles demand for coal into China in 2012. The low demand in February is primarily due to the Golden week.
In 2012, China imported 53.7 million tons of coking coal, and 180.8 million tons of thermal coal, making thermal coal the main contributor to seaborne import demand of coal into China. As the growth rates for the two types of coal were similar in 2012, the main growth factor came from the demand for increased power generation. Affecting the exports from Australia, the world’s largest dry bulk commodity exporter, this year has been weather-related issues around iron ore export ports, most of all Port Hedland, as well as the coal ports in the Eastern parts of Australia. Due to cyclone and heavy rain, importers have to some extent found themselves in need of seeking alternatives for the shortfall of exports from Australia. Unless importing steel mills and traders decide to run down stocks the adverse weather conditions can prove to be one of the supporting factors behind the climb in March earnings alongside the development in coal demand export origins" BIMCO concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 09 May 13
KILLARA AUSTRALIA ACQUIRES 80% INTEREST IN BORNEO EMAS HITAM
COALspot.com - Killara Resources has announced that, the company has signed a binding MoU to acquire an 80% equity interest in PT. Borneo Emas Hitam ...
Thursday, 09 May 13
THE WORLD LARGEST POWER PLANT COAL EXPORTER SHIPPED 36 MILLION TONS OF COAL IN MARCH
COALspot.com: Indonesia, the world largest multi grade coal exporter has shipped 36.165* million tons of coal in March 2013.
Ac ...
Thursday, 09 May 13
DRY BULK SHIP OWNERS KEEP BUILDING NEW VESSELS ON THE BACK OF LOWER PRICES AND IMPROVED MARKET PROSPECTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the doom and gloom that the dry bulk market has experienced during the past couple of years and especially during 2012, ship owners have inc ...
Thursday, 09 May 13
HANDY : RBCT ROUNDS FIXED AT USD 8000 DOP ECI - FEARNRESEARCH
Handy
The atlantic market started to pick up with new orders. The USG-Feast was at USD 20k and Black sea-feast was at USD 12k. The pacific mkt rema ...
Wednesday, 08 May 13
PANAMAX VESSELS PROVE TO BE "STARS OF THE MONTH" FOR THE DRY BULK MARKET DURING APRIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
They have taken a beating on various occasions during the past few years of the dry bulk market's crisis, but the fact remains, that despite the he ...
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- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
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