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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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Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- The University of Queensland
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
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