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Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profitability. According to ICAP Shipping congestion of the dry bulk fleet at Australian, Brazilian, Indian and Chinese ports at the end of last week was just above the 60Mdwt mark. "This is the highest level we have seen for thirteen weeks (since the middle of February this year) and is equivalent to around 10% of the total fleet. Interestingly, congestion has risen across all of the sectors from Capesize to Handysize. Capes currently account for 37.7Mdwt of the total queuing at ports, growth of over 7% week-on-week, while Panamaxes account for around 11.8Mdwt, growth of just under 9% w-o-w. Interestingly the largest percentage increases in congestion were for Supramax and Handysize, where on a w-o-w basis it rose by 15% and 25% respectively.
Nevertheless, in terms of deadweight these two sectors combined still accounted for less than total Panamax congestion. Provided all other factors remain unchanged, increased congestion at ports should provide some support to freight rates based on simple supply/demand dynamics; specifically a tightening of tonnage supply" said ICAP Shipping.
In its latest weekly report, shipbroker Intermodal noted that 2011 was a fairly disappointing year for shipping, with a tremendously large mismatch between supply and demand for the dry bulk segment in particular. “This affected both market prices and freight rates which fell close to some of the lowest levels recorded. Prices for tonnage older than 15 years of age reached fairly close to the residual value of the vessel itself (its value in terms of steel). It has been widely regarded in the whole shipping community that the only solution would be to scrap all vessels built prior to the 90's. As a result there has been an immense surge of older tonnage heading towards scrapyards in Bangladesh, China, India, Pakistan and Turkey. During the same period last year 17.8m deadweight has left the world fleet providing the markets with 3.5m tonnes of steel. By the end of 2011 the total amount of carrying capacity sent for scrap had reached 44.2m dwt which is equivalent with 8,7m tonnes of steel. Unfortunately and despite the evident efforts to reduce the fleet size, the large order book kept the supply of vessels on the rise. Around 1,125 dry bulkers (above 20,000dwt) were delivered during 2011, while at the same time only 339 dry bulkers (above 20,000dwt) were sent for scrap” said Spyros Stavropoulos, Intermodal’s analyst.
He went on to mention that “the first five and a half months of 2012 have shown positive signs, as demolition volume has been higher than that seen during the same period last year. Up to now, 25.8m dwt of vintage tonnage has been subtracted from the world fleet, albeit the fall in demolition price levels noted during the past weeks. These encouraging numbers are showing that the shipping community is committed to reducing the world fleet. An example of this temperament are the Capesize bulkers being sent for demolition which are defying the slide in ship scrapping prices”.
Meanwhile, “South Asian yards are well stocked as the subcontinent’s monsoon season approaches, while weakening steel demand in China has made its yards cut back on purchases. Prices in South Asian yards have dropped to $440-445 per ldt for bulkers and $465/ldt for tankers, from $450/ldt and $475-490/ldt the previous week. Chinese yards’ offers are unchanged at $390/ldt for bulkers and $415/ldt for tankers. But that did not stop owners from sending their ageing Capesizes for recycling, amid a still-depressed freight market. Big ships and vessels with rich stainless steel content continued to outperform the ship recycling market. With rates falling by the day, it is advisable for owners to decide the fate of their vessels quickly and take the best price/buyer available, as otherwise they may find themselves chasing down the market.
The drop in prices is explained by the oversupply of demo candidates which has led to an only natural drop in scrap steel prices. We can only hope that the levels of demolition seen so far this year for dry bulkers continue and that a significant amount of the large order book of 1,219 dry bulk vessels scheduled for delivery in the remaining period of 2012 is not fulfilled” Intermodal concluded.
Intermodal had noted that "Hellenic ship owners still occupy the top position amongst buyers in the secondhand S&P market. In its latest report, Intermodal mentioned that “since January they have managed to pick up at least 70 vessels spending over $ 1.2 billion to do so. This is a large difference when compared to the Chinese which hold second place amongst buyers’ nationality, with only 42 vessels reported purchased so far and having spent less than half the amount of that spent by the Greeks. This is even more remarkable when one considers the general lack of financing observed in shipping, let alone that available in the now illiquid Greek market”. In his note, Intermodal’s George Lazaridis stated that “all this points to the fact that Greeks continue to hold a firm belief in the shipping markets, as many of have an extensive experience of the market cycles and are used to navigating through such troubled market conditions. This does not mean that all is well and that there haven’t been or aren’t going to be casualties along the way. After all these cycles provide a cleansing opportunity, removing mismanaged companies and owners while at the same time pushing market players to remain competitive and efficient in the service they provide" he mentioned in a relative report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 01 July 12
DSP OF SGX ASIACLEAR OTC COAL SWAP'S THIS WEEKS MOVEMENTS SLIGHTLY POSITIVE
COALspot.com - SGX AsiaClear OTC Coal Swaps have recovered slightly this week and Q4 deliveries are also showing positive direction.
SGX’s ...
Saturday, 30 June 12
THE FREIGHT RATES ARE EXPECTED TO BE STEADY TO FIRM NEXT WEEK - VISTAAR SINGAPORE
COALspot.com – The BDI was up by 2.66 pct (up by 26 points) closing at 1,004 points crossing the 1000 point barrier this week.
The c ...
Friday, 29 June 12
INDONESIAN PRODUCERS ARE PLANNING TO CUT PRODUCTION IF COAL PRICES FALL FURTHER
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 31.54* million tons of coal in May 2012, compared to 31.86* mill ...
Friday, 29 June 12
DRY BULK SHIP OWNERS DOING THEIR MATHS BEFORE PLACING NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With oversupply having plagued the dry bulk shipping fleet since the end of 2011, it’s become ever so evident that placing a newbuilding order ...
Thursday, 28 June 12
DRY BULK MARKET HIGHER ON CAPESIZE OPTIMISM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher yesterday, as the BDI (Baltic Dry Index) ended up by 0.71% to 988 points. Most ship types were up, with the ...
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- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
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