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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, 10 March 13
INDIA - INDONESIA SUPRAMAX FREIGHT : FIRM TREND
COALspot.com – This week freight market was raised and remained firm in all segments.
The BDI was up by 6.70 pct closed at 843 points, ...
Sunday, 10 March 13
INDONESIA'S FORESTRY DEPARTMENT IS TO INCREASE BORROW-TO-USE PERMITS (IJIN PINJAM PAKAI) FEE SOON
COALspot.com : Indonesia to increase borrows-to-use permit fees by 33.33 percent. The government of Indonesia is planning to increase the state&rsqu ...
Friday, 08 March 13
EKO SANTOSO BUDIANTO APPOINTED AS PRESDIENT DIRECTOR OF BERAU COAL ENERGY
COALspot.com - PT Berau Coal Energy has appointed Eko Santoso Budianto as new president director, replacing Rosan Roeslani. Berau’s extraordin ...
Friday, 08 March 13
INDONESIAN HBA UP FOR FIVE CONSECUTIVE MONTHS
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in March 2013.
The monthly coal reference ...
Friday, 08 March 13
DRY BULK MARKET ON A RISING TREND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its rising pattern set after China opened up again for business, following the Asian New Year Holidays. As a resul ...
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- Videocon Industries ltd - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- GMR Energy Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- The University of Queensland
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
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