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Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which are leading the market. Instead, it’s the smaller ship types which are offering support to the market and are leading the industry’s benchmark, the BDI (Baltic Dry Index) to higher ground. Yesterday, the BDI was up by 0.57% to 879 points, led by the Panamax market, which rose by 1.96% to 990 points. It was closely followed by the Supramax segment, which saw an increase of 1.26% versus the previous session (963 points), while the Handysize market was also up by 1.18% to 513 points, after plunging to incredible lows.
Still, in a recent note, shipbroker RS Platou, warned that the recent cyclones which have struck the main iron ore shipping facilities of Australia, leading to a shutdown of the country’s leading iron ore exporting port, the Port of Headland, could be negative for fixture activity in the near term.
In any case, the BDI has been trading at near-record lows since the start of the year. the index fell by 44% during 2011, from an average of 2,761 points in 2010, to just 1,548 in 2011. In a recent report, Danish Ship Finance said that “the second half of 2011 saw a temporary spike in the index as Chinese steel producers stockpiled iron ore. In 2012, the Baltic Dry Index began the year with a sharp decline. By the end of February 2012, the daily observations of the index had fallen below 700. The monthly average stood at 703, down 40% year-on-year. Such levels have not been seen since late 2008 when the credit crisis was at its worst. By then, rates dropped because demand more or less evaporated overnight as the credit crisis took its toll on the world economy. Today, however, the low freight rates are mainly weighed down by a large supply of new dry bulk vessels” said the report.
In fact, during 2011, a total of 96 million dwt of new bulk carriers were added to the world’s fleet, while another 2 million dwt were converted from tankers to dry bulk vessels. In total 98 million dwt was added to the Dry Bulk fleet during 2011 (85 million dwt in 2010), an increase of 16% from 2010. The Capesize segment accounted for the largest share of delivered tonnage. 48% of delivered tonnage – or 248 vessels - were Capesizes, according to Danish Ship Finance. This, despite the fact that many owners “scrambled to either cancel or postpone their orders in 2011. In the orderbook as of April 2011 a total of 102 million dwt was still on order for delivery in 2011. By January 2012 a total of 14 million dwt of orders had been cancelled. Another 29 million dwt had had their scheduled delivery postponed into 2012 or beyond. Only 56 million dwt of the April 2011-orderbook scheduled for delivery in 2011 actually reached the oceans in 2011. That is a delivery performance of only 55% since April 2011” said the report.
Some relief was provided through the scrapping activity of older vessels, which took off during the past year, driven primarily by continuously low rates, shorter fixing periods and the incredible inflow of new tonnage. A total of 23 million dwt was scrapped during 2011 (7 million dwt in 2010). That is, 4% of the entire fleet was scrapped in 2011. Scrapping activity was the highest in the Capesize and Handysize segments with 5% and 7% of the respective fleets being scrapped.
“The remarkable levels of postponement and cancellations in combination with the record high scrapping activity helped to curb fleet growth despite the astonishing amount of new tonnage reaching the seas. The fleet grew 14% in 2011 (75 million dwt). That is down from 17% fleet growth in 2010 (78 million dwt), but still more than what was absorbed by demand growth during the same period. By end of December 2011, the total Dry Bulk fleet amounted to 611 million dwt – up by more than 50% since the eve of the financial crisis in 2008” said Danish Ship Finance, providing a clear explanation of the reason freight rates remain subdued since the beginning of the year.
The imbalance between supply and demand is pretty clear. According to Danish Ship Finance, “iron ore trade expanded 8% (99 million tonnes) in 2011 down from 11% growth (126 million tonnes) in 2010. With a total of 1,373 million tonnes of iron ore transported by sea in 2011, iron ore remains the largest seaborne commodity and the largest contributor to total seaborne trade growth in 2011. Growth was mainly driven by Chinese demand. China remains the single most important iron ore importer, accounting for 74% of the entire growth in the iron ore trade in 2011. The corresponding supply of iron ore to feed world demand was mainly driven by an 11% increase (37 million tonnes) in Brazilian iron ore exports followed by Australian exports which was up by 6% (26 million tonnes) in 2011.
Trade in coal and coke grew by 10% (92 million tonnes) in 2011 (fig. 6). This was slightly higher than the growth in 2010 (80 million tonnes) and mainly driven by demand from Asian countries. Particularly India has increased its imports of coal and coke. Indian imports rose by 25% (26 million tonnes) in 2011. But also Japanese imports of steam coal are up again following the devastating tsunami in early 2011. The added demand was mainly fed by an increase in supplies from Indonesia. Indonesian exports of coal and coke were up 14% in 2011 (37 million tonnes). Weather-related disruptions to Australian production of coal and coke in early 2011 meant that exports from Australia grew by a modest 4% (11 million tonnes) in 2011” said the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- The University of Queensland
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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