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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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Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- PTC India Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
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