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Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. This represents a close-to-record level that is only challenged by the deliveries during Q1-2011 where 24.4 million were delivered says BIMCO in an analysis of the dry bulk market. “This development has prompted an upward adjustment to our supply growth forecast for 2012 that now reads 11.4% y-o-y. So far, the active fleet has grown by 2.9% in 2012 as 288 vessels have been delivered, offset by 6.9 million DWT being demolished. The growth in the Handysize segment included 63 vessels of 2.2 million DWT – making the sub-segment grow by 3.2% during the first quarter of 2012. Meanwhile, the Capesize fleet absorbed another 10.5 million DWT, causing the fleet to grow by 4.3% since 1 January.
On the contracting side, things have calmed down significantly. Since the beginning of 2011, newbuilding orders have been fewer and fewer. For seven months in a row, the monthly level of new orders has not exceeded 1.8 million DWT. In comparison, the monthly average of ordered tonnage during 2010 stood at 8.1 million DWT. The remaining order book stays biased towards the larger ships sizes, with the order book to active fleet ratios being the highest for Panamax (60,000-100,000 DWT) at 40.8% with the Capesize segment being runners-up at 32.2%. The corresponding ratios for Handysize and Handymax are 25.4% and 26.8%” said BIMCO in its research note.
Regarding freight rates, it noted that “Capesize Time Charter Average will remain under pressure but improve from current very low levels, although it will not exceed USD 12,000 per day. For the smaller segments, we forecast that the Panamax and Supramax freight rates are likely to get closer to each other and improve, but remain in the USD 8,000-13,000 per day interval. Handysize rates should improve and head up, staying in the interval of USD 8,000-11,000 per day interval” it said.
Demand-wise, BIMCO stated that “there is no doubt that it takes time from when commodities are bought and transportation fixed and executed to the cargo being landed at the buyer’s desired port of discharge. There’s also no doubt that buying activity for staple cargoes such as coal and iron ore was hectic during the final months of 2011. If import figures continue to stay elevated and market conditions for bulkers stay weak, we can only conclude that the oversupply glut is apparently more severe and even heavier than we expected. Weather-related disruptions could not steal the picture from the overall devastating development in dry bulk freight rates that began in the first half of December 2011 and went all the way to early February before the bleeding was stopped. Since then, we have not seen any significant rebound, but rates have firmed slowly. This was in line with our forecast made in the previous report” says the report.
BIMCO further attempted to explain why rates came down that sharply in the first couple of months. “By looking at the import figures for main commodities such as iron ore and coal into China, you will find little indication that demand has died down, but March figures may present a more complete picture. Some commodities have certainly seen a drop in demand.
In the past three months (December-February) China imported 197 million tons of iron ore – up by 12% y-o-y – and 54.8 million tons of coal, up by 36%. This special market condition was a Capesize event only. As the dawn broke on 2012, the overcapacity menace returned with a vengeance, bringing not only Capesize rates to the floor but also Panamax, Supramax and Handysize rates at the same time.
When following the recent development in freight rates it is now crystal clear that the January touch-down was a sticky one. Currently, Capesize rates are still trapped in the shadows of USD 5,000 per day. The Capesize vessels that used to rule the development of freight rates have lost their position. For long periods during 2011 – and again in 2012 – rates were significantly below any other ship size. The fundamental imbalance is taking its toll. On the contrary, Supramax rates have now moved up to USD 10,000 per day, a level sufficient to cover daily running costs. This is sadly not the case for the Capesize segment generally right now. Looking back a little bit on recent history, the overall picture is similar in pattern for the various dry bulk segments, but different in levels. The limited total fleet growth in 2009 was partly due to extensive recycling of tonnage (10.1 million DWT), partly due to the rather limited introduction of new tonnage, a picture that changed completely in 2010 with the first deliveries of an exorbitant ordering spree. Despite a rather healthy demand picture during recent years, it remains a sizeable challenge to the freight markets to absorb so much tonnage. This has once again been carved in stone during the first quarter of 2012 and by seeing the very high segment growth rates for Capesize and Handymax in particular, the latter has been able to weather the storm in much calmer waters due to its more flexible nature in ports, cargoes and grab-fittings” concluded BIMCO.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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