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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, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first qua ...
Thursday, 18 April 13
HANDY: STABLE ; PANAMAX: BUSY WEEK - FEARNRESEARCH
Handy
The Atlantic markets remain stable in this week. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market is bit f ...
Thursday, 18 April 13
FEATURE: PREDICTING THE FUTURE - AND THE PAST - BIMCO
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fai ...
Wednesday, 17 April 13
INDONESIA SHIPPED 80 MILLION TONS OF COAL IN FIRST QUARTER - COAL DIRECTOR
COALspot.com - Indonesia has exported around 80 million tons of coal including power plant coal in first three months of this year.
Speaking on t ...
Tuesday, 16 April 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS JUMPED 20.87 PER CENT ON WEEK TO 3.07 MMT
COALspot.com - Newcastle port in Australia has loaded 3,077,431 tons of thermal and coking coal for week ended 0700 hours 15 April 2013, Newca ...
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Showing 4311 to 4315 news of total 6871 |
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- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
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