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Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their older ships as possible, freight rates are expected to remain at break-even lows or even worse. This has become particularly evident in the dry bulk shipping market, where the industry’s benchmark, the Baltic Dry Index has dropped yesterday to just 753 points, down 3.95% on the day and more than 60% since late last year.
Meanwhile, in the demolition market, as Golden Destiny mentions in its latest weekly report, “Bangladesh scrapping ban has been finally lifted, but the government has imposed a new 5% tax on purchasing vessels for scrap that is going to influence scrap buyers appetite on stronger purchases. The Bangladesh Shipbreaking Association is pushing for a reduction in the rate, down to 0.5% that could lead scrap prices to fall by as much as $25/ldt. Scrap prices for dry and wet cargo are close to $500/ldt, but the current freight market environment offers a strong incentive for shipowners to move with overaged vessel disposals and ease the pain of oversupply. India offers the best levels with Bangladesh to follow, $460-$470/ldt for dry and $480-$490/ldt for wet cargo.
The week ended with 17 vessels reported to have been headed to the scrap yards of total deadweight 1,009,630 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 23% week-on-week decline, due to 30% lower volume of demolition transactions in the bulk carrier segment, whereas there has been a 28% increase regarding the total deadweight sent for scrap. In terms of scrap rates, the highest scrap rate has been achieved this week in the tanker segment by India for M/T “BOW PROSPER” with 12,200/ldt at $525/ldt. India has attracted 41% of the total demolition activity with China to follow by winning 5 disposals. At a similar week in 2011, demolition activity was up by 18% from the current levels, in terms of the reported number of transactions, 20 vessels had been reported for scrap of total deadweight 669,529 tons with bulk carriers and tankers grasping 60% of the total number of vessels sent for disposal. India and Pakistan had been offering $465-$475/ldt for dry and $500-$505/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene” concluded Golden Destiny.
In a separate report, Clarkson Hellas said that the demolition market has remained very active, with many vessels being circulated and subsequently, a big list of sales to report. “However, to judge the market value of a certain ship is becoming increasingly difficult. As evidenced in the sales list, price levels seem like a ‘free for all’ with no actual pattern emerging, clearly highlighting that each vessels value is an individual case by case scenario. On paper, some units seem similar, yet for some reason, a price differential of anything upto USD 10/ldt can be witnessed.
On the buying front, the Chinese and Indian breakers are taking the plaudits this week.
China has been very busy as they looked to acquire tonnage prior to their New Year festivities and were bidding some aggressive numbers in an effort to claw tonnage away from the Indian sub-Continent. Time will now tell whether this recent positive momentum will continue when the market reopens again after their holidays.
India too emerged this week with increasing price levels. Whether these sudden improvements were from cash buyers over-speculating or actually justified on the back of the breakers indications remains to be seen, but some Owners would have definitely benefited from the sudden enthusiasm emanating from this market.
The good news is Bangladesh is definitely open and for an indefinite period too. Some Buyers are now willing to buy tonnage giving delivery February onwards as they believe the income tax situation would be resolved within this month. There remains however the problem of which breakers can actually open Letters of Credit internally. For Owners to consider Bangladesh as an option, a certain degree of caution must still be adopted. Last thing any Owner would wish for is to arrive at anchorage and delivery is unable to take place due to delayed payments. Some cash buyers are optimistic that no such issues will occur, however this is definitely the time for an Owner to tread carefully and wisely when considering selling their units to this area. Price levels on offer appear to be not as competitive as India. However, Bangladesh may soon offer a viable alternative to China for those vessels completing in the Far East. We need to see several vessels arrive, clear inward formalities and beach without delay to know 100 percent for sure that the market is officially ‘open for business’ concluded Clarkson Hellas
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 24 June 24
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Thursday, 13 June 24
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- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Central Electricity Authority - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
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