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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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Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
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Showing 4721 to 4725 news of total 6871 |
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- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
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