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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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Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
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- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
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