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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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- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
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