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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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Thursday, 09 May 13
KILLARA AUSTRALIA ACQUIRES 80% INTEREST IN BORNEO EMAS HITAM
COALspot.com - Killara Resources has announced that, the company has signed a binding MoU to acquire an 80% equity interest in PT. Borneo Emas Hitam ...
Thursday, 09 May 13
THE WORLD LARGEST POWER PLANT COAL EXPORTER SHIPPED 36 MILLION TONS OF COAL IN MARCH
COALspot.com: Indonesia, the world largest multi grade coal exporter has shipped 36.165* million tons of coal in March 2013.
Ac ...
Thursday, 09 May 13
DRY BULK SHIP OWNERS KEEP BUILDING NEW VESSELS ON THE BACK OF LOWER PRICES AND IMPROVED MARKET PROSPECTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the doom and gloom that the dry bulk market has experienced during the past couple of years and especially during 2012, ship owners have inc ...
Thursday, 09 May 13
HANDY : RBCT ROUNDS FIXED AT USD 8000 DOP ECI - FEARNRESEARCH
Handy
The atlantic market started to pick up with new orders. The USG-Feast was at USD 20k and Black sea-feast was at USD 12k. The pacific mkt rema ...
Wednesday, 08 May 13
PANAMAX VESSELS PROVE TO BE "STARS OF THE MONTH" FOR THE DRY BULK MARKET DURING APRIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
They have taken a beating on various occasions during the past few years of the dry bulk market's crisis, but the fact remains, that despite the he ...
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- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- PTC India Limited - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
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