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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, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
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- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
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