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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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Friday, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
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- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- The University of Queensland
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
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