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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, 04 April 13
HANDY:QUIET ; PANAMAX: SLOW START; CAPESIZE: LOW ACTIVITIES - FEARNRESEARCH
Handy
The Atlantic markets remain quiet as charterers and owners waiting to see how it moves. The USG-Feast was at USD 20k and Black Sea-Feast was ...
Wednesday, 03 April 13
HBA HAS LOST US$ 1.53 PER MT IN APRIL 2013
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $1.53 / MT in April 2013.
The monthly coal referen ...
Tuesday, 02 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 633K MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,029,482 tons of thermal and coking coal for week ended 0700 hours 1 April 2013, Newcas ...
Tuesday, 02 April 13
THE GOVERNORS TO TAKE OVER AUTHORITY OF MINING, FORESTRY AND PLANTATION CONCESSIONS
The Indonesian government is planning to transfer the authority of issuing mining, forestry and plantation concessions from municipalities and distr ...
Sunday, 31 March 13
COAL FREIGHTS ARE IN FLAT TO WEAK TREND - VISTAAR
COALspot.com - This freight market after several weeks of firming up seemed to lose steam and this week all the indices were down except for handy s ...
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- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
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