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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Aditya Birla Group - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
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