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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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Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Anglo American - United Kingdom
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
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