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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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Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
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- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- London Commodity Brokers - England
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