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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
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