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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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Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
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- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Parliament of New Zealand
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Trasteel International SA, Italy
- The University of Queensland
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
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