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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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Monday, 12 November 12
THE ESTABLISHMENT OF NORTH KALIMANTAN AS A NEW PROVINCE WILL NOT AFFECT THE LOCAL MINING COMPANIES
The government of Indonesia has ensured that the establishment of North Kalimantan as a new province will not affect the local mining companies ...
Monday, 12 November 12
DRILLING COMPLETED AT THE MOORLANDS DEPOSIT, WEST BOWEN PROJECT
Press Release - Cuesta Coal Limited (ASX: CQC) (“Cuesta”) is pleased to announce it has completed its exploration activities at the Moor ...
Monday, 12 November 12
BARGE-LOAD OF 5K TONNES OF COAL FROM THE ADK JOINT VENTURE SHIPPED LAST WEEK
COALspot.com - Orpheus Energy (ASX:OEG) has announced that, it has successfully shipped a 5,000 tonne of ADK thermal coal to an Indonesian trading g ...
Sunday, 11 November 12
AN OPTIMISTIC WEEK FOR INDONESIAN SUB-BIT COAL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for January 2013 delivery gains 2.08 percent WoW and 1.28 percent DoD on Friday, 9 November ...
Sunday, 11 November 12
THE IRON ORE AND COAL PRICES MOVEMENTS REMAINS LOW - VISTAAR
COALspot.com The market remained soft with all the sectors soft.
The BDI and was down by 4.67 pct closing at 940 points, on Friday 9 Novemb ...
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- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- The University of Queensland
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
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