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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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Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
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- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
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