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Thursday, 03 January 13
DRY BULK DEMAND TO KEEP RISING IN 2013, DRY BULK SHIP PRICES TO KEEP FALLING SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 In a recent report on the future of the shipping markets, DVB bank said that dry bulk demand is expected to keep on growing in the coming years, mainly as a result of continued grwoth in emerging economies.According to the bank's analysis, dry bulk demand is expected to conclude 2012 with a rise of 4.1%, while the estimates for 2013 are looking for a further rise of 7.2%. Countries like India and China are expected to play a major role towards this development, with China's appetite for raw materials like iron ore and coal being among the main reasons for this. As a result of this codependence, should China's economy experience any slowdown, these projections of dry bulk demand growth will be impacted negatively.
In terms of ship values, DVB said that 2012 would close with average newbuilding prices posting a significant reduction over 2011 prices, while second hand values would post an even sharper decline. According to the analysis, vessels over 15 years old are the most vulnerable in terms of price reductions, since more and more newbuildings are entering the global fleet. Additionally, new regulations, like EEDI, will add to the pressure faced by older tonnage, as charterers will use these to bring down rates and consequently asset values, resulting in a two or even a multi-tiered market. As a result, the bank's analysts indicated that they don't expect the trend of falling newbuilding prices to end before 2014 kicks in, with huge oversupply still a dominating force in the dry bulk market.
As a result of the huge orderbook, freight rates are expected to remain under pressure throughout 2013. exactly how much will this pressure be, will depend on the way that the orderbook and deliveries progress during the year. In the worst case senario, rates could once again bottom out by the end of 2014, should the world economy be stabilised and avoid slipping into yet another period of recession. DVB advised shipowners to reduce contracting and increase scrapping activity, if they wish to keep earnings above operating expenses.
After all, the level of growth of the dry bulk fleet has been stellar, with record breaking newbuilding deliveries for every year since the start of 2009. According to the analysis, since October of 2011, the dry bulk fleet has increased by an impressive 75 million dwt or 758 vessels, representing a growth rate of 13%. Today, the orderbook stands at 130 million dwt, equating to about 20% of current fleet. "The orderbook for all Capesize vessels is large with the fleet relatively young having an average age about 7 years. Merely 3.5% of the Capesize fleet is over 25 years of age. The VLBC and ULBC fleets are expanding rapidly, mainly due to the Vale vessels being delivered. These vessels entering the fleet will undoubtedly have a huge negative impact on all Large Cape asset values as well as T/C rates and will impact earnings of other Sub-Sectors as well" said DVB in its report.
Meanwhile, the room for limiting supply through more scrapping activity has been steadily getting smaller and smaller. Scrapping was moderate in 2009 with 256 vessels equating to 10.9 million dwt scrapped, after negligible scrapping during 2007 and 2008. In 2010, scrapping slowed down again as the markets improved slightly. Only 121 vessels amounting to 5.3 million dwt were sold for demolition. Since the start of 2011, scrapping activity has picked up significantly, with 385 vessels totalling 23.3 million dwt were sent to the breakers. In 2012, a further 406 vessels of 25.9 million dwt had already been decommissioned and broken apart, a couple of months before the year ended, meaning that a new record had been set. While until 2010, scrapping was mainly concentrated in the Handysize Sub-Sector, scrapping has been more uniform across Sub-Sectors since 2011. "With market fundamentals remaining weak due to demand-supply imbalance, high rate of scrapping is required to offset the deliveries seen in the past four years as well as the current orderbook" DVB concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 08 February 13
NORTH P&I CLUB WARNS OF LIQUEFACTION RISK FOR BAUXITE CARGOES
The ‘A’ rated 170 million GT North P&I club has warned shipowners carrying bauxite aluminium ore cargoes that they have the potentia ...
Thursday, 07 February 13
CHINA NDRC APPROVED 10 BILLION YUAN POWER GENERATION PROJECTS
NDRC of China currently announced that some of power grid and power station in Jiangxu, Sichuan and Anhui Province would be newly constructed or ext ...
Thursday, 07 February 13
CAPESIZE : MORE ACTIVE WEEK IN THE PACIFIC - FEARNLEYS AS
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 18k and Black Sea to Feast ...
Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013 ...
Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping i ...
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- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- The University of Queensland
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
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