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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, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
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