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Friday, 28 January 11
DRY BULK MARKET CLOSING IN TOWARDS CRISIS LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The trials and tribulations of the dry bulk market seem to have no end during the first month of 2011, as the industry’s benchmark, the Baltic Dry Index, is ending yet another week of violent falls, with yesterday’s session bringing the market down to just 1,186 points, losing an additional 3.89% on a daily basis.
It’s pretty obvious by now that the Australian floods saga, coupled with a neverending overcapacity of tonnage is “drowning” freight rates. At this rate, some owners have already began to consider even the solution of layup of some of their vessels, a phenomenon which we haven’t seen since the 2008 and early 2009 global financial meltdown, which brought world trade to a major halt.
Taking a look at the panamax market for instance comes to show the problem. According to Fearnley’s latest weekly report “the Panamax market is heading due South with increasing speed as the Atlantic market definitely has lost its strength both for rounds and fronthaul.
The increasing amount of ballasters appearing from the F.East both for ECSA and for USG are not met by many fresh minerals or grain orders. TA rounds descending towards the 10k/day level and trips Feast approaching 20k. In the Pacific the atmosphere remains weak and rates are hovering between 7k and 9k/day. The Charterers are comfortably in the driving seat holding back their fixing, but the market got a further negative tone as Korea Line were applying for court protection earlier this week. Adding an anticipated slow down before the Chinese New Year and a slowly but steady sliding FFA market the sentiment is clearly beyond bearish”, said the shipbroker.
Similarly, on the Capesize front it mentioned that “continuing full- or part-absence by major Brazilian and Australian miners, combined with the long-awaited collapse of the first sizeable operator, is adding desperation and increased uncertainty to an already miserable segment. The bottom seems to be reached on the WAust/China trade, where prevailing usd 6.65-6.75 pmt is not by far enough to cover operating expenses. With numbers of ballasters on the rise, the Brazil/China fronthaul levels become under increased pressure - down 10% w-o-w to some usd 20k. Short-term outlook remains grim as Chinese New Year celebrations come close - although a mere few brave operators dare buck the trend and book tonnage for short/medium period. 180kdwt/built 2005 done for 4-6 months at usd 16250, 174kdwt/built 2007 done for 5-7 months at usd 18k - both basis spot FEast delivery”, Fearnley’s concluded.
Meanwhile, during the past few days, a series of analysts have given out their estimates for the course of dry bulk freight rates. Dahlman Rose is among the more optimistic one, saying that Capesize earnings will average $35,000 during 2011, up from last year’s $31,000/day. As for other smaller ship types, the group’s analysts believe that they will receive downward pressure. For instance average daily earnings for Panamaxes (and Kamsarmaxes for that matter) will fall to $22,000 from $24,125 during 2010. For the Supramaxes it expects rates to be at $20,000, down from last year’s $20,875, while for the Handy sector it places average rates at $15,000, from $17,675 during 2010.
As for estimates given out by Cantor Fitzerald, Capes are expected to average $23,000, from last year’s $26,500, while Panamaxes will average $19,000 from $21,000. As for the Handymax sector, it’s expected at $16,500 for 2011 (down from $18,000). The analyst gave out predictions for 2012 as well, saying that Capesize earnings will drop even further to average $22,000, while Panamaxes will earn $17,200, Handymaxes $15,250 and Handysizes are set out to average $13,000, down from $14,000 which is the expected 2011 average daily rate.
In yet another prediction, this time from Baltic Exchange itself, Capes are expected to average $26,629 this year and $21,125 in 2012, Panamaxes are set for $20,555 in 2011 and $16,210 in 2012, while Handysize are looking for $12,760 this year and $11,164 next year.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 22 January 11
POSSIBLE COAL EXPORT RESTRICTIONS ON INDONESIA UNLIKELY TO AFFECT CHURCHILL MINING - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining moved to reassure investors after a fall in its share price, stating that from talks with the au ...
Thursday, 20 January 11
INDONESIA MAY BAN LOW-QUALITY COAL EXPORTS FROM 2014 - BLOOMBERG
Bloomberg reported that, The Indonesian government plans to ban exports of coal with an energy value of less than 5,600 kilocalories a kilogram star ...
Thursday, 20 January 11
SUPRAS ARE DOING USD 7- 8K FOR INDONESIA-INDIA - FEARNBULK
Handy
Negative sentiment for forward positions in the Atlantic market due to lack of cargo availability and too many ballasters from the East. Con ...
Thursday, 20 January 11
ITMG TARGETS TO PRODUCE 25 MILLION TONS OF COAL THIS YEAR - BISNIS INDONESIA
Bisnis Indonesia reported that, Coal producer PT Indo Tambangraya Megah Tbk (ITMG) targets to produce 25 million tons of coal this year, a 13. ...
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 ( ...
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- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
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