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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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- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
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