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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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- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
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