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Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much younger age than before, in a reversal of the trend established during the industry's "golden years" of the past decades, when older vessels were kept in service for much longer than originally intended. In a recent report on the current demolition trends, shipbroker Intermodal noted that "since the second half of 2009 that we initially felt the big drop in freight rates, the problem of excess tonnage in the market has been top on everyone’s agenda. All parties involved in the shipping industry had voiced their concerns and agreed that demolition is going to be the only fast way to escape from the current unfavorable conditions. This meant that all the early/mid/late 80’s vessels would ideally have to head to the breakers’ yards even if they had been well maintained or had their trading certificates valid for many more years" it said.
The report from Intermodal's Panos Makrinos continued by mentioning that "four years have gone by since then and with a significant number of these 80’s built vessels having already been removed from active service, we are still facing a problem of an ever growing fleet at an extraordinary rate. It seems as though the scrapping age will continue to drop as freight levels continue to dwindle at their current unviable levels. We have already started to see several 90’s built vessels going for scrap with good examples being the two Capesize bulkers and Suezmax Tankers of ‘’FRONTLINE MANAGEMENT’’ which had been sold earlier this year to sub-continent buyers for demolition" it said.
Makrinos added that "our feeling is that if the freight market continues to have the same uncertainty and poor prospects, it will be no surprise to us if we start to see a plethora of early 90’s built vessels being as sold for demo. Let’s not overlook the fact that the average age of scrapped dry bulk vessels has dropped from 31 years seen last year down to 28 years seen in 2012. Additionally, we had mentioned in our previous report; during 2012 the active bulker fleet has grown by 6% in vessels and 8% in DWT, this means that the overcapacity problem is still there as a serious headache for all ship owners, despite the fact that more than 33.5mil tons of DWT (approximately 713 ships) have been already removed from the active fleet from the beginning of this year.
Considering the above demo figures and expected N/B deliveries within the last quarter of 2012 and first months of 2013, the only hope for the future of shipping is the magic word demolition… However, the question that arises here for one more time is whether this common thinking is indeed correct and able itself to recover the current uncertain situation, as well as for how long will demo Buyers buy vessels at attractive levels and will the current prices be able to be supported in the case that demand for steel and iron ore moves further down.
Demo prices have been fairly volatile these past couple of weeks, leaving a lot of uncertainty with regards to the direction the market will take in the medium-term. As per last done deals, demo prices in the sub-continent are currently between USD 395 - 410 per lightweight for bulkers and for tankers around USD 420 - 440 per lightweight" the report concluded.
Meanwhile, in the dry bulk markets this week, the Capesize segment "hit the ground running this week, despite a Bank Holiday in London. An injection of fresh cargo, largely down to numerous typhoons across the Pacific, was followed by a flurry of fixing on WA/China routes with the rate rising steadily since Monday morning. WA/China rates are very positional at present, with prompt tonnage achieving a reported high of usd 7.80 pmt, whilst tonnage eta 10-14 Sep has been fixing up to around usd 7.25 pmt. The Pacific RV index has improved in line with these gains, standing at usd 4,361 at the time of writing. The Atlantic has shown more tentative improvement, with some Columbian coal now moving but spot vessels keeping a lid on rates. The Atlantic RV currently stands at usd 2,950, whilst a reported usd 17.75 pmt was last done for Tubarao/Qingdao basis mid September dates" said the latest weekly report from Braemar Seascope.
Commenting on the Panamax front, it said that "Panamax Owners endured yet another week of attrition, with insufficient cargo and declining rates. Any hoped for input of fresh cargo for the Atlantic market failed to happen and looking forward, the outlook is negative with the U.S. drought situation unlikely to deliver any good news for the coming Autumn grain harvest and export programme. There are many vessels in ballast towards the Atlantic from the Pacific. The Pacific has also seen limited fresh cargo and with many spot/prompt vessels around, there is no chance for Owners to halt the further downward trend" Braemar concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
Saturday, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
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- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Australian Coal Association
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
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