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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, 07 March 13
PANAMAX : POSITIVE TREND; CAPESIZE : GRADUALLY SLIDE - FEARNLEYS AS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 22k and Black sea-feast was at USD 12k. The ...
Tuesday, 05 March 13
NEWCASTLE PORT SHIPPED 20.77 PERCENT MORE COAL W/E 4 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2,631,562 MT of thermal and coking coal for a week ended 0700 hours 4 March 2013, Newcas ...
Sunday, 03 March 13
INDONESIAN THERMAL COAL SWAPS; CHINA CONTRACTS FALL W-O-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 0.75 percent and CFR South China coal shipment&nbs ...
Sunday, 03 March 13
FREIGHT MARKET FROM INDONESIA EXPECTED TO BE FIRM - VISTAAR
COALspot.com – The freight market has been fairly firm this week except for cape size index.
The BDI was up by 4.64 points closing at 776 p ...
Thursday, 28 February 13
INDIA HAS INCREASED CUSTOMS DUTY AND COUNTERVAILING DUTY FOR POWER PLANT COAL
COALspot.com : The government of India raised basic customs duty and countervailing duty on steam coal. In the meantime government has reduced& ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
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