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Thursday, 01 September 11
DRY BULK MARKET TAKES GREAT LEAP FORWARD - NIKOS ROUSSANOGLOU
 In what turned out to be a rather hopeful ending of the month, the last day of August saw the dry bulk market’s benchmark, the BDI (Baltic Dry Index) jump to 1,619 points, or a mssive 5.34% on the day. As a result, the index which covers major commodities routes managed to post a significant gain during the second half of August, ending a more than two-month overall slump to almost 1,200 points.
This latest rise was attributed to a surge in interest for the larger Capesize vessels, while all other ship types were stuck in the red yesterday. Capesizes were higher by an impressive 11.36% on the day, with the relative Baltic Capesize Index inching forward to 2,598 points. On the downside, Panamaxes were down by 0.49% on the day, with the BPI (Baltic Panamax Index) ending the day down to 1,628 points.
Referring on the Capesize market, the latest weekly report from shipbroker Fearnley’s said that “the sun is shining again, after a short dip from interesting levels. Increased spot cargo volumes across the board resulting in a dramatic 15% improvement in average earnings in one day, bringing market back to levels not seen since early winter. All routes expected to rise further, as strong support is also seen from derivatives. Period activity about to catch up, exemplified by 176000 dwt/blt2010 delivering China mid Sept for 11-13 months at usd 14k, also 171000 dwt/blt 2003 fetching usd 14k with China delivery early September” said Fearnley’s.
On the Panamax front it said that “from the market upswing last week, the Panamax market took a breather with holidays both Monday and Tuesday this week. Especially the Pacific market rallied last week with a good number of Indonesian coal cargoes. It seemed like many charterers entered the market at the same time to cover before their holidays this week. The softening experienced this week is not dramatic, but it is slowly sliding downwards in both hemispheres. Some good rates are still achieved with TA´s being fixed in region of usd 14-15k and the fronthauls getting fixed in the low 20´s. In the Pacific the rounds are now being fixed at around USD 11-11,500 daily. Some activity in the short period market is in the 13k range, and there are takers for longer periods like 1 or 2 years” concluded the shipbroker.
Accroding to a recent report from BIMCO’s shipping analyst Peter Sand, the active dry bulk fleet has grown by 7.4% so far in 2011, caused by delivery of 52.5 million DWT, offset by as much as 14.8 million DWT being demolished. As the new building delivery pace stays strong with demolition trying to keep up the fleet is estimated to grow a tad slower at 12.9%. The inflow of new orders during first half of 2011 is down 67% as compared to same period last year. This has influenced the orderbook to fleet ratio positively alongside the massive deliveries. It currently stands at 42% – down from 79% – but still a very high overall figure with 241 million DWT in the pipeline. 79% was recorded in October 2008. “There is still extensive slippage in the orderbook going forward.
BIMCO estimates that one out of every three vessels is postponed for a variety of reasons. The demolition pace continues to stay strong – never before has so much tonnage been demolished. The average size of a vessel going for demolition is 72,647 DWT, meaning that the big ships are now leaving were scrapping smaller ships with an average size of just 38,640 DWT. In 2011, 49% of the demolishing vessels are the large Panamax and Capesize bulk carriers as compared to 15% in 2009” said Sand.
BIMCO predicts that another 450 newbuild dry bulk vessels with an average size of 84,000 DWT will enter the fleet during the remaining part of the year. While some 76 vessels with an average size of 72,500 DWT will be demolished. Commenting on the market’s outlook, BIMCO’s senior shipping analyst said that “on the basis of that supply outlook in a combination with a slower than previously expected demand outlook, BIMCO expects that the market balance will continue to be strongly in favour of charterers, with low freight rates across the board. As the global economy is still walking in the shadows of the financial crisis, demand growth remains on a short leash. Together with the massive inflow of new tonnage, the freight market will spoil charterers for choice for at least another couple of years.
BIMCO will focus specially on the opportunities provided by the demolition market in a soon to be released analysis. You have to be able to endure lots of pain if you are amongst those who are about taking delivery of a newbuild Capesize vessel. Regardless of whether you paid USD 105 million for her back in July 2008 or USD 55 million last January, you have the option of chartering her out for half a year at USD 12,500 per day for 5 years at USD 16,000 per day or to try your luck on the spot market. Either way, you’re facing a poor return on your investment in the coming years unless cargo volumes increase dramatically. 213 Capes entered the fleet in 2010, another 250 is going to be added this year.BIMCO expects to see a depressed freight market in the coming months. Summer has been slow, so freight rates are likely to bottom out now but only a little upside is visible for owners. The Capesize Time Charter Average is likely to stay around USD 12,000-16,000 per day, Panamax and Supramax rates are likely to stay firm in the USD 13,000-17,000 per day. Handysize rates are expected in the USD 9,000-13,000 per day interval” he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 10 September 11
THE FREIGHT MARKET LIKELY TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued the upward trend during last week with BDI crossing 1,800 points and closing at 1,838 points up by 5.63 ...
Friday, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
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- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
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