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Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their older ships as possible, freight rates are expected to remain at break-even lows or even worse. This has become particularly evident in the dry bulk shipping market, where the industry’s benchmark, the Baltic Dry Index has dropped yesterday to just 753 points, down 3.95% on the day and more than 60% since late last year.
Meanwhile, in the demolition market, as Golden Destiny mentions in its latest weekly report, “Bangladesh scrapping ban has been finally lifted, but the government has imposed a new 5% tax on purchasing vessels for scrap that is going to influence scrap buyers appetite on stronger purchases. The Bangladesh Shipbreaking Association is pushing for a reduction in the rate, down to 0.5% that could lead scrap prices to fall by as much as $25/ldt. Scrap prices for dry and wet cargo are close to $500/ldt, but the current freight market environment offers a strong incentive for shipowners to move with overaged vessel disposals and ease the pain of oversupply. India offers the best levels with Bangladesh to follow, $460-$470/ldt for dry and $480-$490/ldt for wet cargo.
The week ended with 17 vessels reported to have been headed to the scrap yards of total deadweight 1,009,630 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 23% week-on-week decline, due to 30% lower volume of demolition transactions in the bulk carrier segment, whereas there has been a 28% increase regarding the total deadweight sent for scrap. In terms of scrap rates, the highest scrap rate has been achieved this week in the tanker segment by India for M/T “BOW PROSPER” with 12,200/ldt at $525/ldt. India has attracted 41% of the total demolition activity with China to follow by winning 5 disposals. At a similar week in 2011, demolition activity was up by 18% from the current levels, in terms of the reported number of transactions, 20 vessels had been reported for scrap of total deadweight 669,529 tons with bulk carriers and tankers grasping 60% of the total number of vessels sent for disposal. India and Pakistan had been offering $465-$475/ldt for dry and $500-$505/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene” concluded Golden Destiny.
In a separate report, Clarkson Hellas said that the demolition market has remained very active, with many vessels being circulated and subsequently, a big list of sales to report. “However, to judge the market value of a certain ship is becoming increasingly difficult. As evidenced in the sales list, price levels seem like a ‘free for all’ with no actual pattern emerging, clearly highlighting that each vessels value is an individual case by case scenario. On paper, some units seem similar, yet for some reason, a price differential of anything upto USD 10/ldt can be witnessed.
On the buying front, the Chinese and Indian breakers are taking the plaudits this week.
China has been very busy as they looked to acquire tonnage prior to their New Year festivities and were bidding some aggressive numbers in an effort to claw tonnage away from the Indian sub-Continent. Time will now tell whether this recent positive momentum will continue when the market reopens again after their holidays.
India too emerged this week with increasing price levels. Whether these sudden improvements were from cash buyers over-speculating or actually justified on the back of the breakers indications remains to be seen, but some Owners would have definitely benefited from the sudden enthusiasm emanating from this market.
The good news is Bangladesh is definitely open and for an indefinite period too. Some Buyers are now willing to buy tonnage giving delivery February onwards as they believe the income tax situation would be resolved within this month. There remains however the problem of which breakers can actually open Letters of Credit internally. For Owners to consider Bangladesh as an option, a certain degree of caution must still be adopted. Last thing any Owner would wish for is to arrive at anchorage and delivery is unable to take place due to delayed payments. Some cash buyers are optimistic that no such issues will occur, however this is definitely the time for an Owner to tread carefully and wisely when considering selling their units to this area. Price levels on offer appear to be not as competitive as India. However, Bangladesh may soon offer a viable alternative to China for those vessels completing in the Far East. We need to see several vessels arrive, clear inward formalities and beach without delay to know 100 percent for sure that the market is officially ‘open for business’ concluded Clarkson Hellas
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
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