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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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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 ...
Sunday, 23 January 11
THE AVERAGE CHARTER RATE FOR CAPE SIZE VESSELS WAS AT $ 8,859 PD ALMOST CLOSE TO 2008 LOWS - VISTAAR
COALspot.com - The BDI continues to drop and saw a drop of about 5 pct this week closing at 1,370 points. “ In May 2010 the BDI touched ...
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- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
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