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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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- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- PTC India Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
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