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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, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures ado ...
Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The ...
Wednesday, 27 February 13
NEWCASTLE PORT IN AUSTRALIA SHIPPED 0.358 MILLION MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,178,869 MT of thermal and coking coal for week ended 0700 hours 25 February 2013, Newc ...
Wednesday, 27 February 13
NEWLEAD HOLDINGS LTD. ANNOUNCES COAL SUPPLY AND DELIVERY CONTRACT
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a ...
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 ...
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- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
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