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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, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
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- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
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