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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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Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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Showing 4811 to 4815 news of total 6871 |
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- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
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