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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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Saturday, 08 January 11
AUSTRALIAN FLOODS MAY BOOST RIS COAL SALES - THE JAKARTA POST
The Jakarta Post reported that, Floods inundating Queensland have disrupted Australian coal production, and in turn may offer opportunities for Indo ...
Saturday, 08 January 11
GOVERNMENT REMAINS CAUTIOUS OVER FOREIGN INVESTMENT IN MINING SECTOR - THE JAKARTA GLOBE
The Jakarta Globe reported that, The government expects $3.2 billion of investment to flow into the mining sector this year as foreign investors tur ...
Friday, 07 January 11
14 LARGE-SCALE COAL BASES TO BE BUILT DURING 12TH FIVE-YEAR PLAN - GLOBAL TIMES
During the Twelfth Five-Year Plan period (2011-2015), China aims to build 14 large-scale coal bases, and annex and restructure 20 coal bases in orde ...
Friday, 07 January 11
JSW ENERGY LTD OF INDIA IS LOOKING FOR 45 MILLION TONS OF STEAM COAL FOR 25 YEARS
COALspot.com - Supply of 1.80 mmt (+/- 10%) of steam coal per annum for power plants at Toranagallu and Jaigad.
Accordign to JSWE's websit ...
Friday, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
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- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
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