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Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the past week, which marked one of the fastest tumbling ones for freight rates in a long time. Yesterday, the BDI lost 1.58% to end the session down to 1,495 points, the lowest in almost two years.
Once again, the capesize sector didn’t manage to find any support, thus ending down by 4.13% and widening the gap with the smaller – sizewise – panamax market, which was up by 1.45%.
As a result, the BDI has now fallen by almost 32% since early December when it first began this downturn. According to a Reuters quote from consultancy firm Commodore Research’s managing director Jeffrey Landsberg, “a solid amount of Chinese iron ore fixtures have come to the market, the vast majority for capesize vessels. Capes are under great pressure, however, due to a large amount of available vessels. 'Simply put, the capesize fleet has become very large” he said. With Capesize rates now perilously close to the $10,000 mark, it’s more than obvious that owners must reconsider their ship demolition strategies. This applies especially to ship owners who have both modern and older dry bulk vessels, as the current market conditions, simply mean that some owners’ fleets are “canibalizing” each other. In other word, an owner’s older vessels are damaging his newer vessels by oversupplying the market and dampening rates.
So, what’s the situation in the demolition market? According to the latest report from Golden Destiny, “prices are hot not only in Indian sub-continent but also in China where cash buyers are successfully competing on a number of vessels offering comparatively firm prices. The highest price has been paid by China for a capesize of 208,739 dwt built 1982 for $480/ldt, a remarkable firm price for China due to a relative amount of bunker remaining on board. It is noteworthy that the scrap prices are at remarkable high levels not only for wet but also for dry cargo with India breaking the barrier of $500/ldt, whereas at the beginning of 2010 prices were hovering at $300-$350/ldt. Bangladesh market remains closed after the court order passed on 15th December 2010 that prevented respective authorities from issuing NOCs for incoming vessels for scrap and the BSBA (Bangladesh Shipbreakers Association) is ready to challenge the ruling and take the case to the High Court in a further round of appeals and objection. The first week of the year ended with 9 vessels reported to have been headed to the scrap yards equalling a total deadweight of around 704,629 tons with bulk carriers grasping the lion share, 56% of the total volume of vessels reported for scrap. These are positive news for the struggling dry sector and if the sector represents a firm pace of demolition activity in the first quarter of 2010 the market will find easier the path to recovery” said the Piraeus-based shipbroker.
In a separate analysis on the dry bulk market’s prospects during 2011, BIMCO’s analyst Peter Sand said that “for 2011, total dry bulk demand is forecast to grow by 7%, slowing down from the demand hike of 9% in 2010. The solid demand picture in a relatively stable market has seen owners returning to the yards to sign many new contracts. This happens only a year after owners ran to the yards to renegotiate all contracts in order to avoid receiving the vessels that were already on order. Going forward, the dry bulk market will continue its heavy reliance on Chinese demand: a demand that has been so strong in 2009 and 2010 that trade balances have been skewed more than normal and congestion in ports located in the main loading and discharge areas has been severe. The velocities of the Capesize freight rates movements are expected to continue going into 2011. Meanwhile, the smaller segments are predicted to be in more smooth waters than the bigger vessel types, as the inflow of new tonnage in these segments is less dramatic and the commodities which they transport are more diversified” concluded Mr. Sand. Will the index fall even below in the forthcoming weeks or the sentiment was just weak after the end of Christmas festivities? The fact is that the market has a long time to experience such dreadful levels since mid April 2009, when the BDI was at 1,534 points.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
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