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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, 24 May 13
US'S COAL PRODUCTION INCREASED WEEK ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.90 million short tons (mmst) of ...
Friday, 24 May 13
OPG POWER VENTURES OF INDIA LOOKING FOR 210,000 MT OF 4,200 GAR INDONESIAN THERMAL COAL
COALspot.com - OPG Power Ventures Plc (OPG) is an AIM listed (London Stock Exchange) and fast growing developer and operator of power plants in Indi ...
Thursday, 23 May 13
HANDY : THE ATLANTIC MARKET REMAINS UNCHANGED - FEARNRESEARCH
Handy
The Atlantic market remains unchanged. USG-Feast rates were around USD 19k. Little change from last week in the Pacific, fewer stems and tonn ...
Thursday, 23 May 13
COLOMBIA SHIPPED 11.74 MILLION TONS OF THERMAL COAL IN Q1
COALspot.om - Colombia produced about 18,388,972.94 mt of coal for the first quarter of 2013.
Q1' 2013 coal production was around 21.42 p ...
Wednesday, 22 May 13
COKAL SIGNS JV WITH MDM, FOR BARITO RIVER BARGING
COALspot.com - Cokal Limited (ASX: CKA) has announced that it has entered into a 50:50 Joint Venture (JV) with Meratus Advance Maritime (MDM) one of ...
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- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Australian Coal Association
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
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