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Thursday, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures adopted by most ship owners, in order to alleviate the current imbalance between supply and demand. According to the latest weekly report from shipbroker Intemodal, the overcapacity problem isn't a new one, as it was accurately predicted since the middle of 2008, when the world orderbook had already soared to unprecedented heights. As a result, these projections have turned into a stark reality nowadays, as the number of newbuilding deliveries continue to increase. The question is how much more of this increasing capacity can the industry sustain and at which point will be the tipping point at which we start to see modern well maintained vessel heading for lay-up or the beaches of the Indian Sub-Continent?
According to Intermodal's Panos Makrinos, "the main issue here is that shipbuilding capacity is still well beyond any reasonable expectation of what the industry could possible require in terms of replacement demand over the upcoming fears. The solution which has been proposed by many over the past years has been two fold. Firstly that shipbuilding capacity has to be reduced significantly through shipping of operations by some shipbuilders (i.e. a switch towards ship repairs) or even closing of inefficient shipyards and berths altogether. Secondly is that demolition activity will have to be sustained for a little while longer at its current levels in order to provide a chance for recovery in the freight market. Both of these steps were ignored by several owners during the 2009-2010 period, who instead of easing off their further new ordering, increased it, while at the same time keeping demolition volume to a minimal. The combination of the two and particularly the former has accounted for much of the dragging out of the current shipping crisis" he said.
Makrinos added that "all this changed in 2011 and 2012, as things started to get considerably worse in terms of freight earnings for most shipping sectors, pulling down the curtains on wrongfully placed optimism and bringing many of these owners back to their senses. Newbuilding activity dropped to a bare minimum for both the tanker and dry bulk sectors, helping the orderbook decrease considerably as the record number of vessels being delivered were not being replaced by further new orders. At the same time, we started to see cancelling of existing orders as well as rescheduling of delivery dates, helping further contain the rate of growth in the fleet" he noted.
Of course, demolition activity played a key role as well. Intermodal's analyst stated that "the fast paced increase in demand for cheaper sources of steel by India and China helped revitalize the market while keeping offered prices more buoyant than one would have expected to see during a downturn of the shipping cycle. These high prices for scrap steel coupled with the rapidly dropping values for further trading vessels helped make the choice “easy” for most owners of older tonnage. It's an industry first to be able to sell an overage unit for scrap and use the money generated as 30% equity on a modern 5 year old vessel. It is points like this which allowed for a strong increase in demo activity.
This is all well and good but is the market and better off than it was 12 months ago? Is there a turn to be seen in market conditions within 2013? Although both the newbuilding and demolition markets have started to play an active role in reversing the poor market conditions, they only affect one side of the supply-demand equation. The needed demand in global seaborne trade is still not there and what's worse is that we have a very modern fleet which makes for an inflexible market and could push things towards the “last resort” option of laying up vessels as was done back in the 80's. Let's just hope it doesn't come to that. All that can be said for now is that we expect 2013 to be equally if not more difficult than 2010 for shipowners. High demolition activity and limited new-building ordering are the best hope of seeing a light at the end of the tunnel" Makrinos concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
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- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
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