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Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
 With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bottom has almost been reached. The combination of devastating floods in Queensland, the richest coal producing province of Australia and in fact globally and the looming closure of China’s factories for the celebration of the new Lunar Year, have contributed to the dry bulk industry’s benchmark, the Baltic Dry Index (BDI) now being at 1,064 points, losing 1.64% after yesterday’s session. Once again, it was the Supramaxes that suffered the most, losing 2.35%.
But a new report out yesterday from JP Morgan could be seen as a cheerful note, since it suggested that the catastrophic dry bulk market is now bottoming out. “We believe that freight rates are bottoming out,” JP Morgan shipping analysts wrote, predicting a rash of scrapping for ships aged 20-years-old or more. Moreover, JP Morgan analysts stressed they felt the recent collapse in the Baltic Dry Index, that sees capesizes trading for less than $7,000 a day, was more weather-related than structural. JP Morgan cited China Cosco as a buy, noting it was “the most leveraged BDI play for investors with higher risk appetite”. Pacific Basin was also cited “for investors who are more risk averse as it has covered c.50% of its revenue days this year and net cash”. MOL, U-Ming and Sincere were all deemed worth investing in too.
In its latest weekly report, shipbroker Fearnley’s said for the capesize market, that it was “another quiet week, with political disturbances affecting the oil prices. Vessels, in ballast, towards South Africa/Brazil who have already bunkered in Singapore have a competitive advantage over vessels just starting to ballast. Higher bunker prices are being reflected in present rates offered, but so far, owners have been unable to conclude on this basis. It seems as though this current price increase will be borne by the owner. With market levels below operating costs, cyclones again hitting Australia and Chinese New Year, the immediate future look bleak, with more and more owners willing to wait rather than fixing in the current climate. One period fixture has been concluded at below usd 20k per day but with delivery in the Atlantic and a profit sharing scheme” said Fearnley’s.
As for the smaller Handysize/Handymax segment which has been battered this week, it said that it is an extremely quiet market in the Atlantic, “with a lot of spot tonnage struggling to get covered. Charterers are shying away from fixing short period as they expect further misery ahead. Rates for t/a rounds in the very low teens as USG markets are the only relatively paying areas. Nevertheless the high amount of ballasting tonnage towards USG will most certainly exerce further stronger downward pressure on rates. The Continent is not active at all. Outlook: Grim. Activity remains quiet in the F.East and seems no relief for owners. Supras getting under usd 5000 bss North China dely for Indo-India and Thailand rounds. From WCI, rates remained steady around usd 15-16k and from ECI USD 12k for trip to east. Some believe Indian iron ore activity to pick up after Chinese holidays. RBCT rounds around usd 13k bss WCI. Short period rates for Supras still around USD 14k. Handymax cargoes from Red Sea to India are fixed around low-mid 20s on voyage” it said.
Regarding the Panamax market, the report mentioned that as Chinese New Year holidays began yesterday, “the activity level slowed down even further. With a cyclone approaching Australia and an already over-supply of tonnage in the Pacific, several Panamaxes were ballasting towards the USG. Approximately 60 vessels were reported sailing inbound this week. This of course put more pressure on the Atlantic basin which already struggled with its tonnage/cargo ratio. Pacific rounds fixed usd 7500 and TA´s usd 10500, fronthauls USD 19600 and backhauls USD 3400. The period market has almost vanished the last couple of weeks. Even so, some short period deals have been reported done in the region 15-15,5k” it concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 28 January 11
MPM SEEKS 40K TONS OF INDONESIAN COAL
An Indian paper producer Mysore Paper Mills Ltd., based in Bangalore is looking for 40,000 metric tons of non-coking coal of Indonesian o ...
Friday, 28 January 11
TRADING PERMIT DELAYS THREATEN EXPORTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, an ongoing wrangle over licenses for mining traders could hurt investment, a coal mining association chief said on ...
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 ...
Wednesday, 26 January 11
ADANI TO SET-UP RAIL, PORT AND POWER PROJECTS IN INDONESIA - MONEYCONTROL
Moneycontrol reported that, Adani Enterprises, the flagship company of India’s infrastructure conglomerate the Adani Group, today announced th ...
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 ...
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- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Planning Commission, India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Australian Coal Association
- White Energy Company Limited
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
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