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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, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
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