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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 rates now closing in to $10,000/day for a capesize, it’s just a matter of time before some owners at least begin considering even the option of layoffs, as the market’s downturn is such that it could simulate the conditions prevailing during the financial crisis of the final months of 2008. Of course, global dry bulk trade is far from the state it was back then, demand for goods is solid and the global economy is in a large part recovering, although at a slower than expected pace.
Still, capesize rates have kept on falling, ending yesterday down by 3.86 percent, according to the Baltic Exchange. This meand that the market for capesizes has fallen by more than 25% since Christmas Eve. “Although the Atlantic held up for a while, by the end of the month it had attracted ships from the Pacific, ensuring rates softened in both markets” said shipbroker BRS (Barry Rogliano Salles) in its weekly report. As a whole the BDI fell by 1% yesterday to reach 1,480 points a new low in more than two years. The only bright spot seems to be the Panamax market, which has continued to find support and widening its gap in terms of daily earnings from its larger counterpart, the capesize segment.
According to N. Cotzias Shipping Group, “the negative trend that was there during week 51 of 2010 continued well into 2011 and the overcapacity issue that we had repeatedly warned the markets from late 2009 is here to cause more headaches during 2011. We expect the indexes to further reduce their values at least in the larger size segments and any possible recover will be temporary and short lived. What is worth stating is that as long as the developed world markets don’t get seriously into a post –recession stage, and keep operating at idling speeds then the rest of the world and the shipping markets can’t rely solely on China to keep producing the steam for all the world. The load on China’s back is too heavy and unless there is another China… invented in 2011 we feel that the scales that measures the rise in demand for seaborne goods vs the rise in supply of new dry cargo ships will heavily tip over one side… and we all know which side of the scales is already heavily imbalanced!” said the company in its latest report.
As far as overcapacity goes, Cotzias notes that there is a total of more than 3,500 dry bulk carriers on order pending until 2014 of a total of 250mil tons dwt. “These orders are split chronologically as follows: 1854 ships are due for 2011 making up a total of 128mil dwt, 1106 ships due in 2012 of 87mil dwt and 360 ships of 30mil dwt due for 2013-2014. In total there is a massive orderbook only on the Bulkers section and we should not understate the fact that 2011 faces us with more than 55% of the total orderbook scheduled for delivery and that we should also include in this 114 orders of 4mil dwt that are “carried forward” from 2010. The outlook looks worst for Supramax size segment where the total fleet adds up to 69mil dwt tons and has more than 36mil tons to come in the next 2 years included the ships that are “brought forward” as outstanding orders from 2010 (58% possible increase in the next 2 years). The second worst size segments are the VLOC’s andthe Post Panamax sectors that have nearly as much capacity coming within the next 2 year period as the fleet sums up today (we observe a near 100% increase over the next 2 years). The Handymax size segment is looking much better as the orders here are minimal and have also a very largely over-aged fleet with more than 70% being 20 year + in age and the new building orders not exceeding 4mil tons of extra carrying capacity. The Capesize size segment is also largely on threat as the present fleet amounts to 183 tons presently with more than 69mil tons on order until 2012. This will lead to a 38% increase in the fleet that will be shocked by the addition of 25mil more in the larger Very Large Ore Carriers that will act not as a domino effect but more like the Cliffhangers that when one falls over… the weight and pressure is put on the others still hanging solidly on the cliffs to support the rest” said the shipbroker.
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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- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
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