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