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Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the latest news that China’s Premier, Wen Jiabao announced that the 2012 China target of growth will be 7.5% certainly didn’t cause for any celebration. Instead, as Intermodal’s George Bassakos points out, “it is an evident move to further control China's furious economic growth, support consumption and protect the country from the effects of the financial debt crisis hurting the West. But what are the implications of this decision on Shipping? Definitely not good news” he said.
According to Bassakos, “China’s mining trade association expects imports of iron ore, could drop by as much as 14 per cent for 2012, as the country ramps up domestic production, a move which will not come as good news for capesize bulkers, witnessing record fleet growth.
Chinese steel production at 52.1mt in January 2012 (down 13.0 per cent year-on-year), is nothing more than another proof of domestic falling demand. Chinese steel production is a key driver as it accounts for 46% of global steel production, while iron ore and coking coal account for 29% and 6% of transported cargoes. Furthermore, Chinese iron ore and steel stockpiles remain at historically high levels - a real concern for dry bulk shipping.
Dry bulk shipping still suffers from supply issues with 2012 being the 3rd year in a row, with double-digit supply growth and such news coming from China, will put further pressure on rates. Some improvements are expected (and needed) but definitely the glory days of the past seem to have elapsed” concluded Intermodal’s Bassakos in his analysis.
Meanwhile, in the demolition market there remains plenty of activity in the market place and price levels have stabilized or in some cases and surprisingly, improved slightly.
According to the latest weekly report of Clarkson Hellas “India, the bedrock of the industry for many months now, continue to be the major players. Some 52 vessels had arrived to the anchorage for resale into Alang in February, however many we understand, remain unsold to the breakers or are suffering attempted renegotiations. These problems are now rarely highlighted in the market unlike previous years, which really is a credit to the cash intermediaries who really have brought some exemplary work ethics into the business over recent years, particularly when they are placing deposits into Owners accounts and have the added pressure of some unethical efforts imposed on them by the breakers.
Despite a settled local currency and stable domestic steel market in India, no reasonable price increases are evident due to the large supply of tonnage to the area and some are pleasantly surprised that we have not seen any negative correction in rates. However, the next couple of weeks may see inquiry and activity from India wane whilst the date for the budget draws closer (16th March) as buyers may prefer to hold back from risking numbers pre-budget for later deliveries.
Bangladesh still remains cautious as whilst vessels are being beached, it is reported that there remains lengthy delays completing inward custom formalities and breakers continue to face difficulties opening Letters of Credit. It is hoped that in the future, everything could return to how they used to be, free of any delays or financial issues, to ease the pressure on their counterparts in India” concluded Clarkson Hellas.
In a separate report, shipbroker Golden Destiny stated that “scrap prices are still soft with vessels being on stream of disposal and India leading the game as Bangladesh still tries to find its strength. The Central Bank of Bangladesh has increased lending rates as the depreciation of its currency against the dollar has resulted in lower dollar reserves. The monetary tightening has made it more difficult for scrap yards to obtain letters of credit; putting pressure on Bangladesh’s scrapping business. Scrap levels for dry units are floating at levels $460-$470/ldt and for wet units near to $500/ldt with China offering below $450/ldt.
The week ended with 21 vessels reported to have been headed to the scrap yards of total deadweight 1,281,029 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 91% week-on-week increase, whereas there has seen a 92.35% increase regarding the total deadweight sent for scrap. In terms of demolition levels, the highest scrap rate has been achieved this week in the tanker segment by Pakistan for a VLCC unit of 269,065 dwt with 34,294 ldt built 1992 at $502/ldt. Bulk carriers have grasped the lion share of this week’s total demotion activity, 38%, with India winning 52.38% and China 24% of the activity.
At a similar week in 2011, demolition activity was down by 36% from the current levels, in terms of the reported number of transactions, 15 vessels had been reported for scrap of total deadweight 597,238 tons with bulk carriers grasping 33% and liners 40% of the total number of vessels sent for disposal. India and Pakistan had been offering $455-$465/ldt for dry and $485-$495/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene” concluded Golden Destiny in its report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
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