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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, 01 November 12
KOMIPO LOOKING FOR 440,000 MT OF 4600 KCAL/KG NAR COAL FOR BORYEONG POWER PLANT
COALspot.com - Korea Midland Power Co. Ltd.(KOMIPO) is inviting bids from coal producers, marketing companies or traders to supply of 440,000 Metric ...
Thursday, 01 November 12
CAPESIZE RATES FALL, DRY BULK MARKET RETREATS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It was another lackluster session yesterday in the dry bulk markets, with the industry's benchmark, the BDI (Baltic Dry Index) retreating by 1.63 p ...
Thursday, 01 November 12
HANDY : WCI-CHINA RATES ARE AT AROUND USD 5,000 AND ECI-CHINA AROUND USD 4000 - FEARNLEYS AS
Handy
The Atlantic market remains quiet due to a lack of cargoes and an increased supply of ships. Rates from the Continent to east Med were around ...
Tuesday, 30 October 12
COAL PRODUCTION TO RISE BY FIVE PERCENT IN 2013 - TEMPO INTERACTIVE
TEMPO Interactive reported that, Indonesian Coal Mining Association (APBI) chairman Bob Kamandanu has estimated that Indonesian coal production will ...
Tuesday, 30 October 12
NEW BUILDING ORDERING ACTIVITY KEEPS ON RETREATING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have refrained from placing any new orders of vessels during the course of the past few days, according to shipbroker reports. According ...
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- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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