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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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Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
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- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
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