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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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Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Planning Commission, India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Australian Coal Association
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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