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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, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures ado ...
Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The ...
Wednesday, 27 February 13
NEWCASTLE PORT IN AUSTRALIA SHIPPED 0.358 MILLION MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,178,869 MT of thermal and coking coal for week ended 0700 hours 25 February 2013, Newc ...
Wednesday, 27 February 13
NEWLEAD HOLDINGS LTD. ANNOUNCES COAL SUPPLY AND DELIVERY CONTRACT
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a ...
Tuesday, 26 February 13
10TH CLEAN COAL FORUM WILL BE HELD ON JUNE 2013
CDMC Events will be presenting the 10th Clean Coal Forum 2013 on June 13 - 14, 2013 in Beijing,China.
It will make you understand regulatory asp ...
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- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
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