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Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
 In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billion tonnes in 2012, but it just isn't enough to help offset the magnitude of the newbuilding orderbook and the pace of ship deliveries. In its research, DVB mentioned that so far this year (the fourth year of record breaking newbuilding deliveries) a total of 529 vessels, representing 44.4 million dwt have already been delivered. Another 1,148 vessels of 93.5 million dwt are scheduled for delivery until the end of 2012. This is about 58% of the current orderbook, which stands at 2,001 vessels of 161.3 million dwt, which in turns represents about 25.8% of the current fleet.
As a result, asset values as well as earnings are not expected to recover anytime soon. DVB stated that "we may see the markets bottom by the end of 2013 and remain flat thereafter. However, this is subject to owners not indulging in more newbuilding contracting if they see a seasonal spike in freight rates".
According to the research report, the fleet of dry bulk carriers now stands at 9,251 vessels with a total carrying capacity of 625.5 million dwt. The average age of the fleet is about 11 years and 61.8% of the fleet is less than 10 years of age. In addition, the average age of vessels less than 10 years of age is merely 3.1 years – an extremely young fleet. In dwt terms, Large Capes constitute the largest portion of current fleet while Panamax size vessels have the largest orderbook. The ULBC size range (280K+ dwt) is expanding rapidly and mainly consists of the 400k+ Vale vessels. Thus far, 11 of these behemoths have delivered. In its report, DVB mentioned that "these massive 400K+ dwt vessels will have a negative impact on asset values as well as freight rates not only for this Sub-Sector but for all smaller Sub-Sectors (VLBC, Large Capes and Small Capes) as well. Each of these Valemax vessels can replace about 2.3 three Large Capes from the market, all other things being equal" it mentioned.
In terms of slippage, in 2011 it was calculated by us at about 38%. Even with 40% delays, DVB expects to see more than 1,200 vessels added to the fleet this year. It justifies the oversupply issues by the fact with more than 2,000 different dry bulk ship owners, different strategies and circumstances exist, whether they are commercial or financial. Still, in any case 2010 saw the contracting of 1,259 vessels of 95 million dwt, while 2011 (when one would expect owners to refrain from more orders) saw the contracting of an additional 523 vessels of 38 million dwt, despite oversupply pressures already evident. Fortunately the pace of newbuilding ordering activity has contracted severely so far this year, as orders have been placed for only 68 vessels of 5 million dwt.
Much is to be decided in the demolition stage. Unfortunately, despite the record breaking numbers of tonnage removed from the market during 2011, it still represented just 3.7% of the existing fleet, according to DVB, when in 1986, which was the last peak scrapping year, demolitions represented 7% of the fleet. At the same time, in 2011 for every vessel scrapped, three new ones were added to the fleet as newbuildings. As a result for the market to balance, scrapping activity needs to at least triple from current numbers. DVB urges ship owners to scrap even if prices offered from scrapyards are lower. It said that "owners who cannot realistically survive another couple of years of low freights need to realise this and rise up to the challenge and scrap".
It added that after the negligible scrapping rates of 2007 and 2008, when the market was at its highest, 2009 saw the scrapping of 10.9 million dwt of dry bulk carriers (256 vessels were demolished). Unfortunately, the market's recovery in 2010 saw, once again, a decline in scrapping activity with just 5.3 million dwt of vessels scrapped (121 ships). Finally, in 2011 a total of 379 vessels were scrapped, removing a total of 23.2 million dwt. It was the biggest scrapping year since 1964, but again it wasn't enough for the market to balance, as an additional 97 million dwt of newbuildings were delivered. So far, during the first five months of 2012 a total of 225 vessels of 13.8 million dwt have been scrapped, which means that this year could be yet another record breaker, but it still isn't enough.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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 ...
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- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Central Java Power - Indonesia
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