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Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the past week, which marked one of the fastest tumbling ones for freight rates in a long time. Yesterday, the BDI lost 1.58% to end the session down to 1,495 points, the lowest in almost two years.
Once again, the capesize sector didn’t manage to find any support, thus ending down by 4.13% and widening the gap with the smaller – sizewise – panamax market, which was up by 1.45%.
As a result, the BDI has now fallen by almost 32% since early December when it first began this downturn. According to a Reuters quote from consultancy firm Commodore Research’s managing director Jeffrey Landsberg, “a solid amount of Chinese iron ore fixtures have come to the market, the vast majority for capesize vessels. Capes are under great pressure, however, due to a large amount of available vessels. 'Simply put, the capesize fleet has become very large” he said. With Capesize rates now perilously close to the $10,000 mark, it’s more than obvious that owners must reconsider their ship demolition strategies. This applies especially to ship owners who have both modern and older dry bulk vessels, as the current market conditions, simply mean that some owners’ fleets are “canibalizing” each other. In other word, an owner’s older vessels are damaging his newer vessels by oversupplying the market and dampening rates.
So, what’s the situation in the demolition market? According to the latest report from Golden Destiny, “prices are hot not only in Indian sub-continent but also in China where cash buyers are successfully competing on a number of vessels offering comparatively firm prices. The highest price has been paid by China for a capesize of 208,739 dwt built 1982 for $480/ldt, a remarkable firm price for China due to a relative amount of bunker remaining on board. It is noteworthy that the scrap prices are at remarkable high levels not only for wet but also for dry cargo with India breaking the barrier of $500/ldt, whereas at the beginning of 2010 prices were hovering at $300-$350/ldt. Bangladesh market remains closed after the court order passed on 15th December 2010 that prevented respective authorities from issuing NOCs for incoming vessels for scrap and the BSBA (Bangladesh Shipbreakers Association) is ready to challenge the ruling and take the case to the High Court in a further round of appeals and objection. The first week of the year ended with 9 vessels reported to have been headed to the scrap yards equalling a total deadweight of around 704,629 tons with bulk carriers grasping the lion share, 56% of the total volume of vessels reported for scrap. These are positive news for the struggling dry sector and if the sector represents a firm pace of demolition activity in the first quarter of 2010 the market will find easier the path to recovery” said the Piraeus-based shipbroker.
In a separate analysis on the dry bulk market’s prospects during 2011, BIMCO’s analyst Peter Sand said that “for 2011, total dry bulk demand is forecast to grow by 7%, slowing down from the demand hike of 9% in 2010. The solid demand picture in a relatively stable market has seen owners returning to the yards to sign many new contracts. This happens only a year after owners ran to the yards to renegotiate all contracts in order to avoid receiving the vessels that were already on order. Going forward, the dry bulk market will continue its heavy reliance on Chinese demand: a demand that has been so strong in 2009 and 2010 that trade balances have been skewed more than normal and congestion in ports located in the main loading and discharge areas has been severe. The velocities of the Capesize freight rates movements are expected to continue going into 2011. Meanwhile, the smaller segments are predicted to be in more smooth waters than the bigger vessel types, as the inflow of new tonnage in these segments is less dramatic and the commodities which they transport are more diversified” concluded Mr. Sand. Will the index fall even below in the forthcoming weeks or the sentiment was just weak after the end of Christmas festivities? The fact is that the market has a long time to experience such dreadful levels since mid April 2009, when the BDI was at 1,534 points.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had pass ...
Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
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- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- The University of Queensland
- White Energy Company Limited
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
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