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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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Thursday, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
Monday, 05 December 11
THE DECEMBER HBA FELL 11% FROM ITS PEAK AT US$127.05 PER TON IN FEBRUARY 2011
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the December 2011 coal reference price at US$ 112.67 per ton US$ 3.98 ...
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- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Australian Coal Association
- The University of Queensland
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
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