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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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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
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- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
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- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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