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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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Sunday, 23 September 12
INDIA IMPORTED 11.40 PERCENT MORE INDONESIAN COAL IN AUGUST
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 26,451,565* tons of coal in August 2012, compared to 27.88* mill ...
Saturday, 22 September 12
SOFT BUNKER PRICES KEEP INDONESIA TO INDIA FREIGHTS STABLE - VISTAAR
COALspot.com - The freight market overall remained buoyant with all indices up except for Panamax index. The main effect seems to be increased shipm ...
Friday, 21 September 12
SHIP BREAKING ACTIVITY REACHES NEW RECORDS, AS ALREADY 2012 LEVELS HAVE SURPASSED THE WHOLE OF 2011 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The vast oversupply of vessels, most notably in the dry bulk shipping sector, has forced ship owners to intensify their efforts towards recycling th ...
Thursday, 20 September 12
SUPRAMAX : INDO-INDIA ROUNDS WERE AROUND USD 12K - FEARNLEYS
Handy
Not a bad week for Supramax tonnage, if we compare Supramax developments to the bigger size tonnage. The rates have basically remained unchan ...
Thursday, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
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- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
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