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Saturday, 03 November 12
DEMOLITION IS THE KEY FOR DRY BULK SHIPPING'S RECOVERY SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 With the number of new building deliveries so far in 2012 already having surpassed the total of 2011, it's more than clear that the dry bulk sector needs more than record demolition activity in order to compensate for the additional tonnage. In other words, older vessels will have to exit the world's fleet in a faster rate, otherwise they will end up competing with their newer counterparts for the same cargoes. According to a recent report from shipbroker Intermodal, more than 1,000 dry bulk carriers have already been delivered since the start of 2012, with over 85 million tons of deadweight capacity and there's two more months until the end of 2012.
According to Intermodal's Theodore Ntalakos, "demolition remains the only alternative for vintage tonnage especially for the bigger vessels. More than 25m tons dwt of dry tonnage have seen the way to the scrapyards, making 2012 another record year in demolition. If we look at demolition versus new deliveries, almost 400 dry bulk carriers have been scrapped representing around 40% of new deliveries. In terms of deadweight, since the new ships are always bigger, demolition is about 30% of the new building deliveries. Although the numbers are more favorable compared to 2011, in 2012 we have seen economies slowing down or even contracting which no doubt has affected global seaborne trade" he said.
We added that "looking at the ratio (demolition/new deliveries) x100 in terms of dwt and in each sub-sector of the dry fleet we can explain and highlight some findings:
Vessels up to 20,000dwt – Demolition is almost 74% of the tonnage or 93% in terms of dwt indicating that this is a sector where the fleet has remained stable.
+ Handysize – the ratio is 55% hinting both the small orderbook as well as the overaged fleet.
+ Handymax/Supramax – the ratio is 22%, showing the limited scraping compared to the very large Supramax orderbook. This number is up from 11% in 2011, which shows that despite the high utilization of this segment, the fleet needs to grow at a slower pace.
+ Panamax – the ratio is 33%, up from 24% in 2011. The lousy rates sent more ships for demo this year, 6.3m tons went for demolition and 19m tons dwt were delivered.
+ Capesize – another poor year for Capesizes explains the fact that scrapings represent almost 40% of new deliveries" he mentioned.
Concluding his argument, Mr. Ntalakos noted that "it feels like demolition activity this year was more of a necessity, not only because the market has remained depressed, but mainly because the future of the older vessels does not look that bright. No doubt the pressure of the orderbook remains enormous and will continue to strangle the market and when world demand subsides, the demolition alone cannot bring the rates back up. As we reach towards the end of 2012, more vessels are coming and surely more demo activity is expected".
Meanwhile, in terms of dry bulk supply, BIMCO noted in a mid-October report that "while our projections for the fleet growth in percentage have remained somewhat steady most of the year, the flows in and out have been much stronger than foreseen at the start of the year. The hectic delivery pace has surpassed the astonishing level of 10 million DWT a month several times, whilst demolition activity has breached the 3 million DWT a month level numerous times too".
The report also examined what can be deduced from this? "Probably that many shipyards are suffering under an intense lack of cash-flow. Whereas the payment structure of the contracts previously were mostly equally distributed or front-heavy from signing to delivery, the contracts that have been made more recently are likely to be back-end loaded, releasing the biggest chunk of the money to the yards closer to the completion and delivery of the ship. This could be one of many explanations that may eventually cause widespread bankruptcies amongst smaller and privately-held yards in the main shipbuilding nations. The active fleet has grown by 8.8% since the turn of the year, as 964 new ships have now been delivered into a fleet that already stood at 8,901 dry bulk carriers at the start of the year. Fortunately, the pressure of 80 million DWT of brand new capacity being poured into the market has been eased to some extent by 375 over aged vessels being demolished.
Ship owners continuously apply the demolition tool generously in order to improve the bad market conditions by cutting down on the supply side. Demolition activity in India, Bangladesh and Pakistan in particular is strong, with lots of dry bulk tonnage sold for breaking. Following the drop in demolition prices from the top in April prices have now moved sideways at a new lower level that has stuck around for some months now. 25 million DWT has now been demolished during 2012 with more to come, assuming that ship owners continue to be tempted by the recycling price level" it concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 13 December 12
HANDY : WCI-CHINA RATES AROUND $ 6000 AND ECI-CHINA AROUND $ 4000 - FEARNLEYS
Handy
Atlantic market remained unchanged. Rates from USG to Feast were around USD 18k and Black Sea to Feast about USD 10k. USG-Skaw-Passero rates ...
Wednesday, 12 December 12
69.23 PERCENT OF END-USERS ARE BELIEVE, COAL PRICES ARE IN UPWARD TREND
COALspot.com - The Indonesian government’s declared coal reference price for December’ 12 has gained US cents 31 per MT M-o- ...
Wednesday, 12 December 12
CAPESIZE FREIGHT RATES TO RANGE BETWEEN $9,000 - 16,000/DAY IN THE COMING WEEKS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its regular update on the dry bulk market, BIMCO forecasted yesterday, that Capesize time-charter rates are expected to stay elevated in the foll ...
Tuesday, 11 December 12
NEWCASTLE PORT IN AUSTRALIA HAS LOADED 2,720,205 MT OF COAL W/E 10 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 2,720,205 MT of thermal and coking coal for week ended 0700 hours 10 December 2012, Newc ...
Sunday, 09 December 12
COAL SWAPS HAVE LOST DIRECTION DUE TO LACK OF ASIAN INTEREST
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery gained 2.43 percent M-M but lost WoW by 0.54 percent and 0.62 ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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