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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, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
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- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Minerals Council of Australia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
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