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