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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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Thursday, 08 September 11
TRADA MARITIME BUYS GUNUNG BARA UTAMA
Insider Stories reported that, PT Trada Maritime Tbk (TRAM) has purchased convertible bonds issued by PT Awesome Coal from Zakia Limited. The memora ...
Thursday, 08 September 11
PETROSEA ADDS US$730 MIO CONTRACT
Coal mining contractor PT Petrosea Tbk (PTRO), a majority owned subsidiary of energy integrated company PT Indika Energy Tbk (INDY), has secured a U ...
Wednesday, 07 September 11
ANOTHER EXCEPTIONALLY STRONG WEEK FOR THE CAPESIZE MARKET - BRS
The very strong rise in Cape rates pushed through an overall improvement in the BDI this week, although relatively little benefit from the Capes has ...
Wednesday, 07 September 11
INDIA HIT BY INDONESIAS COAL PRICE - TEMPO INTERACTIVE
TEMPO Interactive, an Indonesian online news portal reported that, The Indian government has complained about the price increase of Indonesian coal, ...
Wednesday, 07 September 11
SAMPUR POWER AGREEMENT SIGNED - DAILY NEWS
Daily News, Sri Lank's national news paper reported that, the agreement for the setting up of a 500 MW coal-fired power plant at Sampur, Trincomale ...
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- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- The Treasury - Australian Government
- White Energy Company Limited
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
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