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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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Saturday, 15 January 11
SUPRAMAX VESSELS FIXED AROUND $ 8K FOR TRIP VIA INDONESIA TO INDIA - VISTAAR
COALspot.com - The BDI continues to drop and has touched below 1,500 points with the cape index severely affected with the index touching 1,595 poin ...
Saturday, 15 January 11
MAKE SACRIFICES TO SAVE PLN, INDONESIA GOVT BEGS MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Darwin Zahedi Saleh, Indonesia's minister of energy and mineral resources, on Friday appealed to local coal compan ...
Saturday, 15 January 11
RISING PRICES, GOVERNMENT DECREE LEAVE PLN AT LOGGERHEADS WITH COAL FIRMS - THE JAKARTA GLOBE
The Jakarta Globe reported that, As coal prices continue to increase, state utility Perusahaan Listrik Negara faces problems in securing enough coal ...
Thursday, 13 January 11
SURGING COAL PRICES UNDERMINE PLN'S EFFICIENCY PROGRAM - THE JAKARTA POST
The Jakarta Post reported that, The soaring global coal prices are undermining state electricity company PT PLN's pledge to improve its operational ...
Thursday, 13 January 11
SPML INFRA TO DOUBLE INDONESIA COAL MINE OUTPUT IN TWO YEARS - DNA INDIA
DNA India reported that, Kolkata-based infrastructure company SPML Infra, formerly Subhash Projects & Marketing Ltd, will in two years nearly do ...
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- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
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