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Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were higher, with the Panamax Index gaining the most at 1,145 points, while the Capesize one was also on a high. The only exception was the Handysize market, which retreated by four points yesterday. Still, the index is more than 30% lower than the start of the year, with capesize average spot charter earnings showing a fall of more than 80% by reaching levels of $3,988/day, from about $24,000/day at the beginning of the year. On mid June, capesize average spot earnings fell at their lowest point since December 2008, of less than $3,500/day, with panamax vessels showing softness at levels of less than $8,000/day from more than $13,000/day at the beginning of May.
In recent comments, Golden Destiny’s analysts noted that “during the first days of July, BDI continues its upward trend with capesize average spot earnings surpassing the barrier of $5,000/day and panamax earnings climbing to more than $8,000/day. Smaller vessel categories, supramax and handysize units are showing firmness at levels of more than $13,000/day and $10,000/day respectively. The positive performance of smaller vessel categories has been supported by increased movement of grains and a number of minor bulk cargoes, while the fragile Chinese iron ore and coal demand impaired the demand for capesize and panamax tonnage. Chinese demand for imported iron ore cargo posed weakness in June due to a tremendous decline in steel production and a large amount of iron ore stockpiled at Chinese ports, despite the rise of Chinese iron ore imports in the first five months of the year to around 300.1mt, up 9% year-on-year” they said.
Still, as Maria Bertzeletou noted in the latest weekly report from Golden Destiny, the prospects for the second half of the year aren’t yet promising in all for the dry bulk market. “Chinese steel production has not yet recovered, port stockpiles are elevated, above 96 million tons of iron ore and 8.7 million tons of coal, while Chinese iron ore demand is expected to show not significant strength in the coming weeks. Chinese demand for imported thermal coal is also poised to remain low on the short term, as power plant and coal stockpiles remain high and hydropower production continues to be on rise. However, peak summer electricity demand season is underway in China and a rebound in thermal coal fixture volume is likely for the second half of the year with stronger panamax earnings. Top grade iron ore price shows sings of weakness with the benchmark 62% iron ore content price falling to $135/tonne as Chinese steelmakers have reduced their purchases from declining steel production that has hit the iron ore supply chain” she said.
She also added that “despite the recent negative picture of capesize ton mille demand, there is still faith in the segment as Chinese government’s stimulus measures in the industrial sector may bring firmer iron ore demand, but it seems difficult the capesize average spot earning to surpass the levels of $10,000/day as they are struggling to perform in the current vessel’s supply figures, when in December of 2011, they were floating at levels near to $30,000/day. Under the current fundamentals, shipping players prefer to move towards the scrapping of overaged large sized vessels, capesizes and panamaxes, with secondhand investments being on the frontline as more preferable type of investment than the construction of new units.
Secondhand asset prices have plunged from the first half of 2011, especially in the large sized vessel segments, capesize and panamax, with the BDI triggering further falls during the second half of the year. According to the Baltic Exchange’s Sale and Purchase Assessments, the value of a 5yrs old capesize of 172,000dwt has dropped to about $33,4mil from $42,9 at the end of June 2011, while at end of June 2008 was more than $153mil. In the panamax market, the value of a 5yrs old vessel of 74,000dwt is now at near $23mil, from $30,8 at the end of June 2011, while at the end of June 2008 was more than $88mil. In the supramax segment, the value of 5yrs old vessel of 52,000dwt is now in the region of $22mil from $27,5mil at the end of June 2011, while at the end of June 2008 was at more than $75mil” she concluded.
Still, for the time being Capesizes are currently earning $7,904/day, an increase of $3,916/day from a week ago, while panamaxes are earning $9,002/day, an increase of $1,167/day. At similar week in 2011, capesizes were earning $13,995/day, while panamaxes were earning $13,471/day. Supramaxes are trading at $13,556/day, up by $411day from last week’s closing, 72% and 51% higher than capesize and panamax earnings respectively. At similar week in 2011, supramaxes were getting $13,443/day, hovering at 3.9% lower levels than capesizes versus 72% today’s higher levels. Handysizes are trading at $ 10,309/day; down $105/day from last week, when at similar week in 2011 were earning $10,422/day.
Source: Nikos Roussanoglou, Hellenic Shipping News
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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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- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
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