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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, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
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- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Australian Coal Association
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- PTC India Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
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