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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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Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
Wednesday, 11 July 12
HBA DROPPED SHARPLY IN JULY
COALspot.com - Indonesian HBA fell to lowest level since September 2010 in July 2012. The monthly coal reference price for coal sales this mon ...
Wednesday, 11 July 12
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 1.26 PER TON
COALspot.com - Sub-Bit FOB Indonesia Coal decline for a second day yesterday, according to SGX AsiaClear OTC Coal Swaps. The prices for shipments to ...
Saturday, 07 July 12
INDONESIA-JAPAN RELATIONS TURN SOUR - THE JAKARTA POST
The Jakarta Post, the one of the leading Indonesian English new papers reported that, Bilateral relations between Indonesia and Japan have recently ...
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 ...
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- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Deloitte Consulting - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
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