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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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Tuesday, 27 December 11
MINERS MAKE CASE FOR RESUMING CONTRACT NEGOTIATIONS - THE JAKARTA POST
The Jakarta Post reported that, problems with the renegotiation of mining contracts in the country are far from over, as agreements on several cruci ...
Tuesday, 27 December 11
COAL SHIPMENT OF TIANJIN PORT REACHED 6.72 MLN TONNES IN NOVEMBER - STEEL HOME / HELLENIC SHIPPING
Tianjin port shipped 6.72 million tonnes of coal in November, decreasing 600,000 tonnes versus 7.32 million tonnes in October, while up 21.09% or 1. ...
Tuesday, 27 December 11
NEW CLAUSE PUBLISHED FOR SLOW STEAMING - BIMCO
Many owners and operators faced with high bunker prices are considering implementing slow steaming regimes to save fuel and to assist with capacity ...
Monday, 26 December 11
NEW EXPORT TAX PLAN GREETED WITH PRAISE AND CRITICISM - THE JAKARTA POST
The Jakarta Post, one of the Indonesia's leading english news paper reported that, both praise and criticism showered the government’s plan t ...
Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Indian Energy Exchange, India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- PTC India Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
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