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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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Sunday, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
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- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
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