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Wednesday, 10 April 13
DRY BULK FREIGHT RATES SEEN MOSTLY STABLE IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
 In its latest report, BIMCO forecast that for the coming six weeks, Capesize time charter average rates will remain subdued around $4,500-8,500 per day. The Panamax market is expected to hold on to recent gains and remain in the USD 5,000 – 10,000 per day range. In the Supramax market, BIMCO sees freight rates in the USD 7,000 – 11,000 per day, while Handysize rates are predicted to stay in the USD 6,500 – 9,000 interval on a daily basis.
According to the report, "the delivery pace is expected to come down as close to 25% of all the tonnage. BIMCO expects to see launched in 2013, has already been delivered during the first 11 weeks (20%) of the year. Should more than the expected amount of tonnage be built this will be a result of reduced slippage perhaps due to shipyard in dire need for cash paid down upon delivery. This is seen as plausible scenario but not our base-case.
For mysterious reasons the newbuilding prices for dry bulk tonnage seems to have flatten out in the course of the past 4-5 months whereas prices for tanker tonnage still seems to fade. This trend regarding dry bulk tonnage has been most significant for Capesize tonnage. This may have spurred some owners to “fish at the bottom of the market”, given some reason behind the recent Capesize order rush. From the demand side BIMCO expects “more of the same”, which is solid volumes in grains and coal that will eventually lift freight rates beyond the level of 2012. With Capesize as the exception, strong volumes seem to support higher rates in the three smaller vessel segments – not sentiments" BIMCO said.
In the supply side, the first 11 weeks of the year have seen the delivery of 17 million dwt, offset by 6 million dwt being recycled. "It took just 7½ weeks to deliver the same amount last year, but the slower delivery pace is not impacting the fundamental balance between tonnage demand and vessel supply quite yet. And the reason for this? It’s simple: following four years in a row with higher inflow of tonnage capacity outpacing demand, it does take a bit more than just a few months of market improvements to affect earnings significantly. But we are now for the first time in five years moving in the right direction.
Dry bulk demolition activity hasn’t been concentrated on any particular sub-segment. Just like the previous years, the average vessel sold for demolition was of 59,000 DWT. In 2013, the age has so far been 27 years which is about one year younger than last year. Bangladesh has taken the lion’s share of this, buying 2 million DWT paying around USD 420 per ltd,
which is 5% more than offered for the average dry bulk vessel sold for recycling", BIMCO said.
It added that "on the contracting side, CRSL records new contracts for 76 vessels of a total capacity of 7.5 million DWT. For some reason 30 Capesize vessels are amongst the new orders, as if the Capesize fleet was in desperate need for new tonnage. In 2012 a total of 31 new Capesize orders were placed. Bear in mind that the Capesize fleet has double during the past 5½ years – from 756 to 1,513 today, prior to that the doubling time for a much smaller fleet was 13½ years. Fortunately the launches of all these new orders are not expected before 2015. Of the recent Capesize orders, 75 percent have landed at Chinese yards and believed to be some kind of an ECO-design, with a still unknown improved fuel-efficiency. Taking some of the side-orders have been the 2012 Japanese merger of Universal Shipbuilding and IHIMU into Japan Marine United, which today holds the second largest order book amongst the Japanese yard groups - second only to Oshima Shipbuilding Co." it noted.
Meanwhile, in the demand-side of things, "the first couple of months have been challenging for all vessel sizes, but what was expected to become an extraordinary difficult year for Panamax owners has so far proven to be a somewhat positive surprise. Time charter equivalent earnings have crossed the thin red line and moved into positive territory beyond the point of just covering OPEX. Driven strongly by the South American grain season, the strong demand for tonnage has led to increased earnings as well as congestion around the key grain exporting ports in Argentina and Brazil. On the overall level Algeria, Iran and South Korea currently increase imports, whereas top importer, Egypt, slashed its demand due to tightening FOREX reserves and higher focus on domestic supplies.
Supramax earnings have also been lifted as a result of increased South American demand, whereas even a large demand for the iron ore and coal transporting sea-stallions, Capesizes have not been enough to support sustainable rates due to a massive supply of vessels in this segment. Earnings for Capesize vessels averaged last year USD 7,680 per day; at the poor year-to-date earnings of at USD 6,300 per day, the Capes continue to be impacted by the overhang of tonnage.
As the Chinese imports of coal reach record-high volumes, the question for ship-owners is: From where the bulk of the increased imports will be transported from? Nearby Indonesia has historically been the main trading partner with Australia coming in second.
In the last three months, the balance has tipped in favour of Australia, which is good news for the shipping industry, as Australian coal has to travel 50% longer. As a consequence, the tonne mile demand of Australian exports to China was almost double that of Indonesia’s in January and February 2013. Australia and Indonesia made up 61% of the seaborne tonne miles demand for coal into China in 2012. The low demand in February is primarily due to the Golden week.
In 2012, China imported 53.7 million tons of coking coal, and 180.8 million tons of thermal coal, making thermal coal the main contributor to seaborne import demand of coal into China. As the growth rates for the two types of coal were similar in 2012, the main growth factor came from the demand for increased power generation. Affecting the exports from Australia, the world’s largest dry bulk commodity exporter, this year has been weather-related issues around iron ore export ports, most of all Port Hedland, as well as the coal ports in the Eastern parts of Australia. Due to cyclone and heavy rain, importers have to some extent found themselves in need of seeking alternatives for the shortfall of exports from Australia. Unless importing steel mills and traders decide to run down stocks the adverse weather conditions can prove to be one of the supporting factors behind the climb in March earnings alongside the development in coal demand export origins" BIMCO concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 14 June 13
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.20 MILLION SHORT TONS W/E 8 JUNE 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.20 million short tons (mmst) of ...
Thursday, 13 June 13
HANDY: SHORT PERIOD WERE FIXED AT AROUND USD 9000 LEVEL
Handy
Despite falling rates for bigger sizes, the Supras in Atlantic are seeing some improvements with fresh biz. US Gulf positions fetching tick a ...
Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, whi ...
Thursday, 13 June 13
RIO TINTO AGREES SALE OF EAGLE PROJECT FOR AN ESTIMATED US$325 MILLION IN CASH
COALspot.com - Rio Tinto has reached a binding agreement to sell its Eagle project to Lundin Mining Corporation for an estimated US$325 million in c ...
Thursday, 13 June 13
HARD COAL IMPORTS RISE SHARPLY IN GERMANY IN Q1 2013 - COAL IMPORTERS ASSOCIATION
Coal-fired Power Plants in Germany: Pillars of the Grid and the Energy Turnaround; Hard Coal Consumption and Hard Coal Imports Rise Sharply in Germa ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
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