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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, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
Monday, 10 January 11
COAL MONGOLIA IS INVITING YOU TO THE INTERNATIONAL COAL SECTOR INVESTORS CONFERENCE
COALspot.com - (Press Release) - The Coal Mongolian Conference will take place at Chinggis Hotel, in Ulaanbaatar on 24-25, Feb 2011. The coal bonanz ...
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- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
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