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Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. This represents a close-to-record level that is only challenged by the deliveries during Q1-2011 where 24.4 million were delivered says BIMCO in an analysis of the dry bulk market. “This development has prompted an upward adjustment to our supply growth forecast for 2012 that now reads 11.4% y-o-y. So far, the active fleet has grown by 2.9% in 2012 as 288 vessels have been delivered, offset by 6.9 million DWT being demolished. The growth in the Handysize segment included 63 vessels of 2.2 million DWT – making the sub-segment grow by 3.2% during the first quarter of 2012. Meanwhile, the Capesize fleet absorbed another 10.5 million DWT, causing the fleet to grow by 4.3% since 1 January.
On the contracting side, things have calmed down significantly. Since the beginning of 2011, newbuilding orders have been fewer and fewer. For seven months in a row, the monthly level of new orders has not exceeded 1.8 million DWT. In comparison, the monthly average of ordered tonnage during 2010 stood at 8.1 million DWT. The remaining order book stays biased towards the larger ships sizes, with the order book to active fleet ratios being the highest for Panamax (60,000-100,000 DWT) at 40.8% with the Capesize segment being runners-up at 32.2%. The corresponding ratios for Handysize and Handymax are 25.4% and 26.8%” said BIMCO in its research note.
Regarding freight rates, it noted that “Capesize Time Charter Average will remain under pressure but improve from current very low levels, although it will not exceed USD 12,000 per day. For the smaller segments, we forecast that the Panamax and Supramax freight rates are likely to get closer to each other and improve, but remain in the USD 8,000-13,000 per day interval. Handysize rates should improve and head up, staying in the interval of USD 8,000-11,000 per day interval” it said.
Demand-wise, BIMCO stated that “there is no doubt that it takes time from when commodities are bought and transportation fixed and executed to the cargo being landed at the buyer’s desired port of discharge. There’s also no doubt that buying activity for staple cargoes such as coal and iron ore was hectic during the final months of 2011. If import figures continue to stay elevated and market conditions for bulkers stay weak, we can only conclude that the oversupply glut is apparently more severe and even heavier than we expected. Weather-related disruptions could not steal the picture from the overall devastating development in dry bulk freight rates that began in the first half of December 2011 and went all the way to early February before the bleeding was stopped. Since then, we have not seen any significant rebound, but rates have firmed slowly. This was in line with our forecast made in the previous report” says the report.
BIMCO further attempted to explain why rates came down that sharply in the first couple of months. “By looking at the import figures for main commodities such as iron ore and coal into China, you will find little indication that demand has died down, but March figures may present a more complete picture. Some commodities have certainly seen a drop in demand.
In the past three months (December-February) China imported 197 million tons of iron ore – up by 12% y-o-y – and 54.8 million tons of coal, up by 36%. This special market condition was a Capesize event only. As the dawn broke on 2012, the overcapacity menace returned with a vengeance, bringing not only Capesize rates to the floor but also Panamax, Supramax and Handysize rates at the same time.
When following the recent development in freight rates it is now crystal clear that the January touch-down was a sticky one. Currently, Capesize rates are still trapped in the shadows of USD 5,000 per day. The Capesize vessels that used to rule the development of freight rates have lost their position. For long periods during 2011 – and again in 2012 – rates were significantly below any other ship size. The fundamental imbalance is taking its toll. On the contrary, Supramax rates have now moved up to USD 10,000 per day, a level sufficient to cover daily running costs. This is sadly not the case for the Capesize segment generally right now. Looking back a little bit on recent history, the overall picture is similar in pattern for the various dry bulk segments, but different in levels. The limited total fleet growth in 2009 was partly due to extensive recycling of tonnage (10.1 million DWT), partly due to the rather limited introduction of new tonnage, a picture that changed completely in 2010 with the first deliveries of an exorbitant ordering spree. Despite a rather healthy demand picture during recent years, it remains a sizeable challenge to the freight markets to absorb so much tonnage. This has once again been carved in stone during the first quarter of 2012 and by seeing the very high segment growth rates for Capesize and Handymax in particular, the latter has been able to weather the storm in much calmer waters due to its more flexible nature in ports, cargoes and grab-fittings” concluded BIMCO.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
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- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
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