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Wednesday, 22 December 10
DRY BULK MARKET LOOKING FOR DIRECTION AMID HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market isn’t exhibiting a “festive” behavior, thus cheering ship owners and investors alike. Instead, the industry’s benchmark has been falling this week, with the Baltic Dry Index (BDI) retreating yesterday to 1,886 points, close to its 2010 lowest. Both the capesize and the panamax segments were among the main losing sectors yesterday. During the course of the previous week, the Baltic Capesize Index managed to put a halt in its demise, by posting a marginal increase of 1% on a weekly basis. According to a weekly report from shipbroker Barry Rogliano Salles (BRS), the improvement was mainly due to a surge in demand from the big miners in the Pacific in the later part of the week. However the Capesize 4TC is now hovering around US$25,000 per day, the lowest point since the summer and well down on the average for the year. In India, Karnataka ore sellers will have to wait until mid January to hear a decision on their bid to overturn the state’s export ban. This week India’s top court gave the state additional time to respond to the miners’ legal petition. The Federation of Indian Mineral Industries has already estimated the ban will reduce India’s ore exports by 38% to 66m tons in 2010. The Karnataka High Court earlier upheld the provincial government’s decision to halt shipments overseas” said BRS.
It also warned though that based on trading in the futures market, rates are expected to continue their drift down in 2011, with 1H 2011 looking slightly more optimistic still than second half. Ship deliveries have slowed at the year end, but we can expect a resurgence in January with many owners postponing their December deliveries to the new year in order to have the more attractive ‘2011 built’ tag.
In a separate analysis, N.Cotzias Shipping Group mentioned that “we definitely get no short term trend patterns out of monitoring the indices, and that is for sure. If one expected to get a clear indication of the Dry bulk market just by studying the Baltic indicators we believe that this would never be sufficient, given the volatility and fluctuations that have become even more drastic during Nov & Dec of 2010. We expect this erratic behavior to continue well into 2011 with rather short term spikes to be followed by equal magnitude rapid falls. With more ships entering the market and with substantially lower increase in the demand for these, we feel that we should well embrace ourselves for falling ship prices, and many investment opportunities that will be there for the investors and owners that are seeking new fresh acquisitions. 2011 may well be a good year for the secondhand and resale S&P market and we will expect softer prices at more realistic levels to prevail” said the broker.
According to the report the past week’s interesting moves were the serious fall of the Panamaxes that have continued to contribute to the uncertainty with its weekly crazy looking ups and downs that have now started to fluctuate on a weekly trend. The stabilization of the Capes that show that there is the potential to make a rise, positive signs on the Cape market are seen by the secondhand sale and purchase and newbuilding front where some decent sized and decent priced capes changed hands or found a new “master” this week. Poly’s Hajioannou Safebulkers inked a Cape NB at Jinhai at $53mil backed by a 10y T/C at $25,000 per day. Also two NB resale capes were reported this week, with delay 11/2011 and 2/2012 by Noble who have agreed also on taking them in on long term T/C. FormosaBulk Energy 170k built 2002 was sold to undisclosed for 42.7mil while the smaller “Iron Brothers” 151k, 91 blt was sold to Chinese for $19.5mil said Cotzias.
As for China’s moves affecting the market, the weekly report on China from US-based Commodore Research & Consultancy said that Chinese commodity demand remains strong despite concerns over inflation. Thermal coal demand remains especially robust and coal shortages have become very severe in the central part of the nation. Steel output remains steady which has continued to result in firm demand for imported iron ore. Market sentiment has not yet fully recovered from inflation-related pressure however. Also, it mentioned that as a whole, coastal shipping rates to haul dry bulk commodities to ports along China’s coast have decreased moderately in recent weeks. Chinese commodity demand has remained strong but rates have come under pressure due to decreases in congestion. Congestion appears to be firming and rates to ship grain have begun to find support. Rates to ship grain from ports in Liaoning province (a major grain producing province in northeast China) to ports in Guangdong province (located in southern China) have increased to approximately $11.38/ton, $0.18 (2%) more than a week ago” concluded Commodore.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
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- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Planning Commission, India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
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