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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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Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
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- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
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