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Saturday, 07 July 12
DRY BULK MARKET NOT ABLE TO FIND SOLID GROUND SAY EXPERTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 With the second half of each, traditionally looking the most active one, especially in terms of newbuildings being delivered, it's highly unlikely that the dry bulk market will be able to avoid further falls in terms of freight rates. In its latest weekly report, Intermodal mentioned that dry bulk rates "don't seem to be able to find a solid ground for correction and are stagnating at low levels especially in the bigger sizes such as Panamaxes and Capesizes. Average spot earnings for Capesizes fell significantly and reached their lowest point since December 2008 at rgn $3,500/day (today they stand above $4,000/day) due to the recent slowdown in coal imports from China and the lack of annual growth in iron ore exports from Brazil, which also have some impact on the Panamax sector, although to a smaller extent, which today stand at $7,910/day.
"On the other hand, the Supramax/Handysize sector has seen some signs of recovery, since the rates have found support by the increased movements from Black Sea grain exporters and other Bulk cargoes which use geared units for the transportation, such as steel scrap, fertilizers and sugar. At the time of writing, average earnings in Supramaxes and Handysizes stood at $13,218/day and $10,405/day respectively, which compared to the bigger size vessels, shows the unevenness and the uncertainty of the dry bulk market" said Intermodal's Yannis Olziersky.
He went on to mention that "this current distorted pattern in sport market earnings, which as mentioned above, is partly a result of demand side factors of some commodities, is also explained by the fleet supply growth. Capesize and Panamax combined fleet has grown by 7.0% from the beginning of the year, as opposed to the Handy and Supramax combined fleet growth which has risen approximately by 3.5%.
Poor freight market conditions and lack of interest on vintage second hand tonnage by further trading Buyers continue to push more units to be “beached”, despite the fact that prices have fallen substantially the last two months. This is good news for the industry as scrapping activity is necessary to continue unabated in order to be able to expect a recovery in the future. However, as we have mentioned before, this is not enough as a sharp and protracted slowdown in the pace of new buildings is also a vital and significant condition for an eventual recovery" Olziersky noted.
He added that "on the sale and purchase front, activity remains subdued in view of the poor charter market conditions, despite that prices are still falling. Opportunities on the second hand market are usually coming from Japanese owners who are genuine Sellers and disposing their units at the best obtainable prices. Additionally, other opportunities, in terms of price only, are coming from Chinese shipyards which are disposing their ppt resales for 20% less than a comparable vessel which has been built either in S. Korea or in Japan. Of course this disparity is linked to building quality, specification and consumption and is something which needs to be seriously taken into consideration prior to proceeding with such units.
In general, the present market conditions and short term prospects are negative, however during these adverse times opportunities can be found around the corner; prudent and well placed decisions may lead to oncoming successful investments; after all shipping is not a simple and temporary investment for "easy money", it’s a long term investment which need time and patient in order to gain it's returns and benefits!" he concluded in the report.
In a report last week, DVB Bank mentioned that the BDI’s average during 2011 was 1,529 points, which in turn was 44% below the 2010 average of 2,758 points. So far in 2012, the average is below 950 points and is indicative of the dire position that the market has found itself, as oversupply has “drowned” freight rates. DVB sees a sustained downward trend, stating that even delays caused by port delays and congestions and an increase in demand for dry bulk commodities, haven’t been enough to help absorb the new tonnage which is entering the market at a frenetic pace.
It’s worth noting that so far this year a total of of 529 vessels, representing 44.4 million dwt have already been delivered. Another 1,148 vessels of 93.5 million dwt are scheduled for delivery until the end of 2012. This is about 58% of the current orderbook, which stands at 2,001 vessels of 161.3 million dwt, which in turns represents about 25.8% of the current fleet. As a result, asset values as well as earnings are not expected to recover anytime soon. DVB stated that "we may see the markets bottom by the end of 2013 and remain flat thereafter. However, this is subject to owners not indulging in more newbuilding contracting if they see a seasonal spike in freight rates".
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
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- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
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