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Thursday, 09 December 10
OVERSUPPLY OF SHIPS BOUND TO KEEP DRY BULK FREIGHT RATES SUBDUED DURING 2011 SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 An oversupply of vessels is expected to keep freight rates from flying as high as in recent years said a relative shipping report from BIMCO’s analyst Peter Sand. Still, there will be moments in 2011 where rates will spike due to inefficiencies in loading and discharge ports.
Steelmakers in China, the world’s biggest iron ore buyer, need to raise prices to pass on higher raw-material costs as demand slows in Winter. But Winter is a slow season for steel consumption, as construction work in Northern China will normally be suspended. Steelmakers are therefore left with eroding profits and may slow down demand for imported ore resulting in lower freight rates, particularly in the Capesize segment.
“Thus BIMCO reiterates its forecast of increasingly volatile Capesize freight rates movements going forward. Meanwhile, the smaller segments are predicted to continue along the recent trend as being less correlated with Capesize rates but also remain in semi-depressed condition, with Handysize trading in the intervals between USD 10,000-15,000 per day with Supra and Panamax trading in USD 15,000-20,000 per day for the coming months. An influx of new tonnage into all segments is expected to limit the upside in freight rates. Vale, the world’s largest iron ore exporter, is scheduled to take delivery of the first nine 400,000 DWT Very Large Ore Carriers out of its total orderbook of 17 VLOC’s during 2011. In a falling freight rate environment for Capesize vessels this could turn out to be an expensive adventure into ship owning. But at the end of the day, Vale may receive from the markets what it wants most – low charter rates – due to massive oversupply of Capesize vessels and VLOC’s” said Peter Sand.
Supply-wise, the number of ships and amount of deadweight in the orderbook has been stable throughout the last two months. This indicates that orders are placed at the same pace that ships are being delivered. In particular, dry bulk owners have not hesitated to rush back to the yards to order new vessels. This happens only one year after owners rushed to the yards for cancellation inquiries and postponements request to do whatever it would take to avoid the once ordered vessels from being built or delivered on time.
According to the report, the active fleet has grown by 14.2% so far in 2010, caused by deliveries of 67 million DWT in the form of 818 new built vessels offset by just 5 million DWT being demolished. Year-to-date deliveries in Capesize segment amount to 168 ships comprising 30.2 million new DWT, resulting in an increased fleet size of 19.5% so far in 2010. At the beginning of 2009, 823 Capesize vessels were active, less than two years later that number has grown to 1123 vessels – a fleet increase in DWT of 42% in less than two years. Despite a large number of deliveries in 2010 the orderbook to active fleet ratio remained as high as 53% by end-November.
In terms of demand it remains strong in volumes with European trades picking up, thus acting as a supplement to Asian demand. BIMCO said that volumes are set for 7% growth in 2011 following this year’s 9% growth. During the 2nd half of 2010 Capesize rates have been increasingly volatile and running their own show, while smaller segments have been much calmer, with rates staying quite firm but with a slightly downward tendency over recent months. Capesize rates increased more than 200% from July to October only to weaken once again as Chinese iron ore demand is levelling out going into the Winter season and lower steel production, but also due to a massive inflow of new Capesize vessels, which is constantly reminding owners that Capesize earnings cannot defy gravity forever.
“In Asia, thermal coal demand, particularly in China and India, remains strong. However, restraints on global thermal coal supplies are becoming more of a factor in the market. In the last few months, Indonesia has experienced sporadic periods of heavy rain which have affected production and delayed exports. Moreover, global weather-related supply limitations affecting also Australia and Columbia will likely lead to export delays and port congestion. Going into the Winter season thermal coal imports, China is expected to set new records in November and December as stocking up for the Winter is going on to prevent shortage of supply. Winter imports could be dwarfing the previous high from January 2010 where 16 million tonnes were landed in China. Increasing coal prices support this view, with prices going from Yuan 780 per tonnes up to Yuan 850 per tonnes at the end of October. Going forward, Chinese coal imports could turn into an even stronger long term market driver than today. Despite the strong coal demand Panamax vessels, being the preferred coal hauler in many trades, still continue to experience a slide in earnings. The segment generally lacks lifting power from the Capesize seg ments as the Capesize to Panamax ratio has remained below the level that normally support splitting of cargoes” concluded the report.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Friday, 17 December 10
NALCO SHORTLISTS COAL FIRMS FOR INDONESIA PROJECT - BUSINESS-STANDARD
Business-Standard reported that, State-owned NALCO today said it has shortlisted two firms for supply of coal for its Rs 18,000-crore (US$ 3,953,003 ...
Thursday, 16 December 10
LANCO BAGS AUSTRALIAN COAL MINER GRIFFITH - DNA
As part of its strategy to secure coal supplies for meeting its needs in expanding power generation capacities, infrastructure major Lanco Infratech ...
Thursday, 16 December 10
COAL INDIA IN TALKS WITH INDONESIAN CO TO BUY ITS COAL MINES - APN NEWS
APN News reported that, World’s largest coal producer Coal India is in talks with Indonesia’s Sinar Mas Group for acquiring coal mines i ...
Wednesday, 15 December 10
GOVT SETS NEW MINIMUM LEVEL FOR DOMESTIC MARKET SALES - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal producers are required to sell at least 24.17 percent of their production to the domestic market nex ...
Wednesday, 15 December 10
CAPESIZE RATES ARE NOW AT THEIR LOWEST LEVEL SINCE AUGUST
It was a repeat performance for the market this week, with another increase in earnings for the small sizes but a sharp drop for the Capes. Overall ...
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- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Singapore Mercantile Exchange
- Australian Coal Association
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
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