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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, 15 October 12
IT'S STRICTLY COME CHARTERING - CLARKSON RESEARCH SERVICES
The charter market is a bit of a dance between ship owner and charterer: one leader, one follower; one step, two steps, turn... The dance is symbiot ...
Sunday, 14 October 12
SUB-BIT INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS: SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery lost 0.329 percent w- w but gained 0.248 percent d-d on Friday, 12 Oct ...
Sunday, 14 October 12
SUPRAMAX FREIGHT STEADY: PANAMAX FREIGHTS FIRM - VISTAAR
COALspot.com - The shipping market saw some hectic activity in the Cape and panamax sector and quite a lot of fixtures reported.
The BDI was up b ...
Friday, 12 October 12
HOW REAL IS THE THREAT OF PIRACY? - BIMCO
The threat of modern piracy remains serious, regardless of its seasonal variations and the fact that it is chiefly confined to the Indian Ocean, Gul ...
Friday, 12 October 12
INVESTMENT OPPORTUNITIES OCCUR IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although 2012 has by now evolved into one of the most challenging years for global shipping industry, ship owners are scouting the second hand ship ...
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- Australian Coal Association
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Bhatia International Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
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