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Thursday, 21 July 11
DRY BULK RATES EDGE FURTHER DOWN ON WEAK MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market fell once again on Wednesday marking the ninth straight day of losses. The industry’s benchmark, the Baltic Dry Index (BDI) was down to 1,328 yesterday, retreating by 0.15% on the day. Once again it was the bigger ships which suffered. The Capesize segment fell by 0.96% to 1,886 points, while the Panamax market was down by 0.32% to 1,536 points. Among the silver linings of the market was the Handysize/Handymax market with a gain of 0.43% to 695 points.
The first half of the year ended with the average value of the BDI standing at 1,372 points, down by 57 % from the first half of 2010 when the BDI was at 3,166 points and capesizes were earning $11,507/day more than today’s levels. “However, shipping investments have shown a 7% increase from the first quarter of the year with bulk carriers being protagonists in the secondhand market and containers dominating in the newbuilding scene” said Golden Destiny in a relative analysis.
It went on to mention that although bulk carriers have lost their strength in the secondhand and newbuilding market they are still holding the lion share in both markets, 35% of the total volume of transactions. “The lost of confidence is mainly attributable to the weak environment of the dry market as the BDI still hovers below the psychological barrier of 1,000 points mark and Chinese commodities’ demand appears not enough to absorb the ongoing flow of newbuilding deliveries. But, when the demand side will be rebalanced with the supply? The recovery of the market remains pending from the start of the year. During June, the BDI managed to gain a 6% month-on-month rise, but it seems that the high levels of 2010 are not yet feasible. Capesize time charter equivalent earnings have shown a 39.5% growth from May levels, but China’s high iron ore port stockpiles, barriers in electricity consumption and persistent high levels of commodities’ inflation cannot still narrow the gab with the supply side. According to data from the General Administration of Customs, China’s imports of iron ore fell to 51.09 million tones in June, compared with 53.30 million tones in May. The agency said that imports rose 19.3% year-on-year last month, versus the 24.8% rate expected by the economists. The June result was below the 28.4% rate in May and the lowest annual growth rate since the -6.4% posted in October 2009, which was the last of 12 consecutive months year-on-year declines that started in November 2008 after the global financial crisis” said Golden Destiny.
In a separate weekly report from shipbroker Fearnley’s, it was mentioned that the lack of direction in the Capesize market has continued this week, but now showing signs of weakening. “The West Australia market was struggling to decide which side of usd 8.00 the market should be, and fixture have been concluded on both sides, though the most recent reported is at a low usd 7. 75. Also the Front haul market was stable, just over the usd 20.00 mark, but has now dropped below and is not closer to usd 19.50pmt. The Atlantic again was living in its own world, but saw a significant down turn towards the end of the week, but has now stabilized at a healthier usd 13,000 level p/d. This market may not last as we suspect re-let charterers have cleared their tables pending the holiday season, but it should be noted that the tonnage supply is still tight. On the period front some more short period deals have been done in the usd 11,500-12,000 level which is only slightly down from the last rally. One can attribute this to fewer vessels idle (not trading) due to the low market level” said the shipbroker.
Referring to the Panamax market Fearnley’s said “it faced a slow start to the week, with limited activity in all basins. Atlantic rounds have stabilized around mid teens, however the north continent is somewhat tighter on tonnage, so this area might improve somewhat in the next few days. Ballasters for the Pacific are keeping the EC South American market down, in spite of quite a few cargoes out of that area. A few fresh cargoes emerged as well out of Indonesia and Aussie, but not enough to support any rise in rates for the time being. However the fall in rates seems to flatten out. With a tic more positive tone in both basins the last day, the end of the week may bring a steadier market, but this remains to be seen”.
As for the Handy market, “Atlantic softening across all segments with little fresh enquiry ex Bsea/Cont/USG and ECSA. Trips to Feast remain healthy. More cargoes expected for 1st half of August but this remains to be seen. Overall sentiment remains soft in Pacific, however few enquiries keeping market busy. For Indo-India, supras in South China are getting close to 12k. Nickel-ore rounds are getting firm rates in low mid-teens. Very quiet on iron ore front due to monsoons as WCI-China rates slided to 10k and from ECI around 9k. Few cargoes seen from RBCT. As a result, RBCT biz fixed on ECI tonnage around 11k. Red Sea, ferts on handymax/ supras are fixed at very mid 20´s pmt on voy bss to WC India. Period deals done at 13k for large supras” concludedd Fearnley’s.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 20 July 11
ANTWERP RECEIVES THE CAPESIZE MG COURAGE
The deepening of the Western Scheldt has made the port of Antwerp easily accessible not only to Ultra Large Container Ships of over 10,000 TEU but a ...
Wednesday, 20 July 11
KALIMANTAN GOLD APPOINTS COMMISSIONER TO SUBSIDIARY
Kalimantan Gold Corporation Limited has announced the appointment of Dr. Bambang Setiawan as Commissioner (a senior advisor) to the Board of PT Kali ...
Wednesday, 20 July 11
CHALLENGER GETS TABANG PROJECT IUP PERMIT
COALspot.com - Challenger Deep Resources Corporation has been getting exploration permit or Izin Usaha Pertambangan (IUP) for its Tabang coal in Eas ...
Wednesday, 20 July 11
TCM COAL PROJECT IN SOUTH KALIMANTAN MOVES TO FINAL FEASIBILITY STUDY
COALspot.com - Pan Asia Corporation Ltd has executed a formal agreement with an underground mining group KOPEX to undertake a final feasibilit ...
Wednesday, 20 July 11
DRY BULK MARKET KEEPS ON FALLING ON SOFTENING CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated to lower ground on Tuesday, as the industry’s benchmark, the BDI (Baltic Dry Index) fell to 1,330 points, down b ...
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- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
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