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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-$495/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene” concluded Golden Destiny in its report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
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- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
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