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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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- GVK Power & Infra Limited - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- The University of Queensland
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
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