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Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and eroding any chance of recovery for the shipping sector. In its latest weekly report, shipbroker Intermodal said that in the dry bulk sector "we witnessed a formidable fleet growth level this year as the excess in new orders placed over the past couple of years entered into service. At the time of writing new deliveries had reached 1,094 vessels (equivalent to 94.65 million DWT) which is a new record passing the previous set in 2010 by 174 vessels. At the same time scrapping was also excessive, as we saw 388 vessels head for the breakers’ yards during the year. This is significantly higher than the 262 bulkers scrapped last year, while in deadweight terms it’s more than double what we saw in 2009 and 2010 put together. Despite this, year-on-year fleet growth managed to reach around 12%" said Intermodal.
Similarly in the tanker sector, as Intermodal’s George Eliades mentioned, “things seemed more manageable, as we witnessed a more moderate growth rate this year which is set to reach close to 4%. Having said that however, it is important to note that most of the vessels scrapped were smaller tankers, while in terms of deliveries we witnessed 63 VLCCs hit the water. This averages to just over 5 vessels every month. Being a sector which has already been plagued by an oversupply of vessels, this increase in tonnage, consequently put further downward pressure on the market. Indication of this was not only witnessed in the freight market but was also seen in the demolition market these past months were we saw relatively young double hull VLCCs head for the breakers’ yards” said Eliades.
In a separate report last week, DVB Bank had said that the crude oil tanker fleet, despite the number of mass deliveries, the current orderbook still represents over 18% of the fleet in deadweight terms. An additional problem is that most of the fleet is young, with 70% estimated to be less than 10 years old, while less than 4% is more than 20 years old. This poses a serious issue, as it’s quite hard for a ship owner to scrap a vessel of just 15 years old, thus rendering the option of scrapping to alleviate oversupply problems as impossible to look at. In total, during 2011, DVB estimated that 172 vessels came in the market, resulting in a net increase of 94 vessels, as 35 vessels were converted and others were scrapped altogether. According to DVB, it is essential that scrapping of double hull vessels is increased significantly and that all vessels older than 15 years should be considered as plausible scrapping candidates.
What’s even more scary is that on top of the 186 vessels delivered in 2010 and the 172 vessels delivered so far in 2011, a further 324 tankers of 62.9 mio dwt are scheduled for delivery before the end of 2013. “Given the current market fundamentals for the Crude Oil Tankers, even if we factor a 25% discount on the Orderbook due to slippage, postponements and cancellations due to financing difficulties, refund guarantees, etc Newbuilds entering the fleet by the end of 2013 will still represent a 12.8% increase over the current fleet in dwt terms (243 vessels of approximately 47.2 mio dwt)” concluded DVB.
Continuing on the Container and Gas sectors, Intermodal said that “we witnessed a more moderate growth in fleet size this year, mainly due to the modest newbuilding ordering that took place since the start of the financial crisis in late 2008. Nevertheless, it was only the Gas carrier sector that was able to maintain a more bullish atmosphere in the chartering market, largely thanks to the still increasing demand for cleaner energy sources. The Containers which are still heavily dependent on end consumers in Europe and America have had to deal with a moderately decreasing demand especially on the long-haul routes.
While this year has seen a significant number of both deliveries and scrapping take place, 2012 is set to be another record breaking year. We have an extraordinary number of vessels scheduled for delivery while demand for further tonnage is not expected to increase as rapidly. In essence and in spite of the recent stall in increasing demo prices, scrapping is expected to be considerable as the newly delivered tonnage take preference amongst the relatively few charterer inquiries, pushing older vessels to head to head for scrapping sooner then would be expected” concluded the shipbroker.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
Sunday, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
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- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
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