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Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affect the market balance. Volumes are strong,but growth is slow and easily outpaced by supply growth. While the recent downturn has been hardest on the Panamax and Capesize segments, the smaller vessel sizes are unlikely to stay immune as the market tumbles. “To sum up our forecast for the coming 6 weeks, BIMCO holds the view that the Capesize Time Charter Average rates will remain at depressed levels but move slowly up from current very low levels but are not expected to exceed USD 10,000 per day. Panamax is expected to stay in the USD 5,000-9,000 per day interval. For the smaller segments, BIMCO forecasts that the Supramax freight rates are likely to stay at the USD 8,000-13,000 per day interval. Handysize rates, moving sideways and less erratic, are set to stay at the interval of USD 8,000-11,000 per day” said BIMCO.
Meanwhile, it notes that the demolition market sentiment is weak right now across the board of the four main breaker nations of Bangladesh, Pakistan, India and China. As May went by, a combination of factors such as falling steel prices, a historically low Indian Rupee against the US Dollar and pretty full scrap yards following the buying spree in first four months, resulted in a quick lowering of the demolition price (USD per ldt) offers from buyers to the tune of 10% over a couple of months. This development has prompted several owners to withdraw scrap candidates from the market as they became unimpressed by the offered rates. At the end of May USD 435 per ldt was offered for General cargo and USD 455 per ldt for tankers. The Indian Rupee was trading at 56.09 to the US Dollar at the end of May, compared with 52.64 a month earlier.
“This may convert the recent rush to the breakers that has taken out dry bulk tonnage almost at record quarterly levels in Q1-2012, but has also taken lots of over-aged containerships and tankers out of the market. During the first quarter 142 vessels of 7.85 million DWT left the dry bulk fleet; this is second only to Q2-2011, where 127 vessels of 8.74 million DWT left the dry bulk fleet according to CRSL data. In spite of the weak sentiment in the demolition market that is likely to slow down activity in the coming months, BIMCO is adjusting its demolition outlook slightly up from 20 million DWT for 2012 as a whole to 25 million DWT. This adjusted outlook comes on the back of an extended poor freight market, a market that appears hard to escape” said BIMCO’s analysis.
TONNAGE SUPPLY
In terms of supply, the report states that “following the largest single months of newbuilt deliveries ever in January 2012, the pace of deliveries has fortunately slowed down closer to 2011 levels. During the past year, deliveries of Handysize vessels have accounted for roughly 10% of added capacity. This stability is mirrored across the dry bulk segment over the past year. However, most recently we have seen some fluctuations in Capesize capacity added to the fleet, increasing from 41% in January to 54% in April. While Handymax and Panamax hold steady at 20% and 25% respectively as a proportion of the dry bulk fleet, Handysize is likely to diminish from current level at 13%, while Capesize is likely to expand as a proportion of the entire fleet. 45% of all new deliveries in the past year were Capesize vessels and the current proportion stands at 41%.
The inflow of newbuilt dry bulk remained larger than expected during April and May, continuing the frantic delivery pace of Q1. During the first 5 months, as much as 47 million DWT set a new World Record, beating the old one from 2011. The frantic pace has put 2012 on course to possibly surpass the 2011 total delivery of 98 million DWT. The upbeat pace is a result of lower than expected delay and slippage. As this new trend appears to be sticky, it has been taken into account and subsequently lifted our delivery estimates for 2012 to 101 million DWT. So far, the active fleet has grown by 5.4% in 2012 as 127 Handysizes, 140 Handymaxes, 162 Panamaxes and 115 Capesize vessels were delivered. Weighing against this massive inflow is strong demolition pace which has accounted for the removal of 13.5 million DWT so far. Recently, demolition prices have decreased somewhat. This may result in a slower demolition pace going forward” mentioned BIMCO.
It concluded on the supply side of the market, by stating that “in the previous report two months ago we provided short-term projections that the Handysize newbuilding prices could be heading further South before firming a bit again. Our estimates were for 32 k-35 k to hit USD 20 million. During May, orders for six 39.5 k Handysize vessels were signed at USD 22.3 million apiece. The vessels were even reported to be highly sophisticated, fuel efficient and built in China. The above-mentioned Handysize orders were amongst the 113 dry bulk orders in total placed during the first five months. This slowdown in ordering is surely a sign of very poor market conditions and a souring of future prospects as the oversupply simply gets worse by the day, as can be seen from the bullish delivery pace. During the first five months of 2011, 253 orders were placed; this translated into an ordering slowdown of 55% in 2012” concluded BIMCO.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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 ...
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- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
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- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Australian Coal Association
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
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- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
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