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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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Friday, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
...
Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the ...
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- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
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