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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, 14 March 13
SHIPPERS AND CARRIERS NEED GREATER COMMUNICATION AND MUTUAL UNDERSTANDING
Press Release – Shippers and shipping lines both need to raise their game if global container supply chains are not to be habitually subject t ...
Wednesday, 13 March 13
NEWBUILDING PRICES EXHIBIT NO FALL IN PAST SIX MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that oversupply has been the key plague of the shipping markets in recent years and newbuilding ordering activity has receded subst ...
Tuesday, 12 March 13
COAL MINING PRIVATIZATION IN INDIA: MUST - SUNIL K KUMBHAT
COALspot.com - India has the one of the richest coal reserves in the world and the country should have shown significant progress and gained the pos ...
Tuesday, 12 March 13
NEWCASTLE PORT SHIPPED 2.47 MILLION TONS OF COAL W/E 11 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2,471,080 MT of thermal and coking coal for week ended 0700 hours 11 March 2013, Newcast ...
Monday, 11 March 13
SUB-BIT FOB INDONESIA COAL SWAPS FELL 1.41 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 1.41percent and CFR South China coal shipment ...
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- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
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