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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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Wednesday, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of ...
Saturday, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
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- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- The University of Queensland
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Parliament of New Zealand
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
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