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