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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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Tuesday, 31 January 12
THERE ARE MANY GOOD REASONS FOR COAL IN GERMANY - DR CIESLIK
COALspot.com - "The year 2011 was again marked by many changes on the markets and energy policies, at times in line with expectations, but at o ...
Tuesday, 31 January 12
DRY BULK MARKET KEEPS FALLING FOR WORST MONTH IN YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn't manage to put a halt in its downfall, with the industry's benchmark, the BDI (Baltic Dry Index), posting yet another fa ...
Monday, 30 January 12
CHINA'S HUNGER FOR COAL LEAVES DENT IN PENNSYLVANIA'S SUPPLY - THOMAS LESKIN
With the price of heating oil on the rise, one of Pennsylvania's greatest natural resources - coal - is in high demand, and not just locally.
Et ...
Saturday, 28 January 12
WILL FREIGHT MARKET STABILIZE FROM NEXT WEEK?
COALspot.com - The markets continued to soften with BDI at 663 points down by 15.78 pct closing at 726 points and cape index was down by 5.73 pct cl ...
Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
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- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- The University of Queensland
- Australian Coal Association
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- PTC India Limited - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
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