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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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Saturday, 07 July 12
EXCESS SUPPLY & WEAK DEMAND KEEP COAL PRICES LOW
COALspot.com - SGX AsiaClear OTC Coal Swaps for August and Q4 deliveries slipped slightly this week. SGX’s Indonesian sub-bituminous coal swap ...
Saturday, 07 July 12
BALTIC INDEX UP ON STRONG CAPE, PANAMAX RATES - VISTAAR
COALspot.com - This week all the segments were firmed up with BDI up by 15.23 pct (up by 153 points) closing at 1,157 points.
The cape index also ...
Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a ...
Thursday, 05 July 12
DRY BULK MARKET MOVES FURTHER UP THE HILL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its growth momentum by the middle of the week, as the BDI (Baltic Dry Index) rose by an additional 40 points to 1,103 p ...
Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
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- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Australian Coal Association
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- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
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- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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