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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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Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
Sunday, 15 April 12
THE SPOT FIXTURE RATES FOR SUPRAMAX IN SE ASIA SAW SOME SOFTENING OF CHARTER RATES - VISTAAR
COALspot.com - The market seem to be holding and except for Supramax and handy size index all other index was up with BDI up by 4.74 pct closing at ...
Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on ...
Friday, 13 April 12
S&P CAUTIONS AGAINST NEW INDONESIAN MINING REGULATIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Investors may have expressed concerns about looming new mining regulations, but ratings agency Standard & Poor& ...
Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
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- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
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- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
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- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
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