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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, 25 August 11
OPG EXPECTS COAL PRICES TO REMAIN FIRM IN THE SHORT TERM
COALspot.com - Revenue of OPG, the developer and operator of Group Captive power plants in India up 188% to £33.15m and Income from continuing ...
Thursday, 25 August 11
PAITON POWER LOOKING FOR 3.96 MILLION TONS OF COAL
COALspot.com - PT Pembangkit Jawa Bali (PJB) is looking for 3.96 million tons coal with calorific value 4,800 kcal/kg on as received basis. Accordin ...
Tuesday, 23 August 11
ICMA CALLS GOVERNMENT TO REVIEW EXPORT BAN REGULATION
COALspot.com - Chairman of the Indonesian Coal Mining Association (ICMA) Bob Kamandanu asks the government to review the regulation that being draft ...
Tuesday, 23 August 11
ADARO ENERGY ACQUIRES 75% STAKE OF PT MUSTIKA INDAH PERMAI FOR US$ 222.5 MILLION
COALspot.com - PT Alam Tri Abadi, a wholly owned subsidiary of PT Adaro Energy Tbk, signed a share purchase agreement to acquire a 75% stake of PT M ...
Tuesday, 23 August 11
COAL DEMAND IS REMAINED STRONG IN SPITE OF CURRENT GLOBAL ECONOMIC UNCERTAINTY - BUMI
COALspot.com - Indonesia's largest coal producer, PT Bumi Resources, Tbk (BUMI)'s sales revenue has increased to US$1.79 billion (compared with US ...
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- The University of Queensland
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
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