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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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Friday, 16 November 12
SHIP OWNERS KEEP ON INVESTING IN SECOND HAND VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Priced attractively, modern and with prompt delivery dates, second hand vessels are proving to be rather popular among cash-rich ship owners these d ...
Friday, 16 November 12
HANDY : IRON ORE WAS QUIET AND RATES FROM INDIA TO CHINA AROUND USD 5500
Handy
The Atlantic was weak with more supply of ships. Rates from Continent/ Feast at USD 9000 and from USG/China at USD 15k. The Pacific market re ...
Wednesday, 14 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 11.14 PERCENT MORE COAL W-W
COALspot.com - Newcastle port in Australia has loaded 3,100,686 MT of thermal and coking coal for week ended – 0700 hours 12 November 2012, Ne ...
Tuesday, 13 November 12
INITIAL COAL PRODUCTION AT KATINGAN RIA ON TRACK FOR 2013 FOLLOWING GRANTING OF 'IN PRINCIPLE' FORESTRY PERMIT, INDONESIA
Realm Resources Ltd (“Realm” or the “Company” - ASX: RRP) has announced that its application to upgrade its exploration fore ...
Tuesday, 13 November 12
BULK PORTS & TECHNOLOGY ASIA 2013
Press Release - TOC Events are pleased to announce a new addition to our global portfolio with the launch of the inaugural Bulk Ports & Technolo ...
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- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
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