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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, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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Showing 4806 to 4810 news of total 6871 |
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- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Independent Power Producers Association of India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
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