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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, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
Tuesday, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
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- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
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