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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
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Planning Commission, India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
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