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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, 22 November 12
HANDY: INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 12500 - FEARNRESEARCH
Handy
The north Continent is seeing plenty of tonnages but lack of cargoes. TA business are around 11k and fronthaul is around 17k.Tonnages has tig ...
Thursday, 22 November 12
DRY BULK MARKET RISE, BUT OUTLOOK SEEN DIM ON THE BACK OF RECORD NEW BUILDING DELIVERIES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been under hefty pressure since the start of the year, as a result of record newbuilding deliveries and below-par demand for ...
Wednesday, 21 November 12
LITTLE IMPACT FROM DISSOLUTION OF BP MIGAS ON INDONESIAN OIL & GAS COMPANIES - FITCH
Fitch Ratings has said that the recent court order to abolish the Indonesian upstream oil and gas regulator, BP Migas, has minimal immediate impact ...
Wednesday, 21 November 12
ORPHEUS ENERGY SECURES FIRST COAL OFF TAKE CONTRACT
COALspot.com - Orpheus Energy Limited (ASX:OEG) has announced that it has signed a coal sales contract with an Indonesian steel manufacturing compan ...
Tuesday, 20 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 13.18 PERCENT LESS COAL W-W
COALspot.com - Newcastle port in Australia has loaded 2,691,731 MT of thermal and coking coal for week ended 0700 hours 19 November 2012, Newc ...
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- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Latin American Coal - Colombia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Australian Coal Association
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
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