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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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Monday, 13 December 10
ICE FUTURES EUROPE TO LAUNCH IHS MCCLOSKEY INDONESIAN SUB-BITUMINOUS FOB MARKER COAL CONTRACTS - MONDOVISIONE
Mondovisione reported that, IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over ...
Monday, 13 December 10
NALCO TO START WORK ON RS 18K CR ($ 4,010,695,091) INDONESIAN PROJECT BY JUNE - MSN
MSN reported that, State-owned NALCO today said it has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore (US$ 4,010,695,091 ...
Monday, 13 December 10
DEUTSCHE BANK RAISES COAL FORECASTS ON MARKET SHORTAGE - BLOOMBERG
Deutsche Bank AG raised price forecasts for thermal coal by as much as 17 percent on expectations that a shortage of the fuel will widen over the ne ...
Monday, 13 December 10
K SERA SERA TO SPEND RS325CR TO BUY COAL,OIL & GAS FIRMS STAKE - LIVE MINT
The company might have to dole out around Rs 225 crore (US$ 50,122,522) for picking up the majority stake in the coal mine in Indonesia and around R ...
Thursday, 09 December 10
INDONESIAN COAL PRICE REFERENCE REACHED US$ 103.41 PMT FOR DECEMBER DELIVERY
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
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- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- The University of Queensland
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Minerals Council of Australia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Planning Commission, India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
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