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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, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
Monday, 10 January 11
COAL MONGOLIA IS INVITING YOU TO THE INTERNATIONAL COAL SECTOR INVESTORS CONFERENCE
COALspot.com - (Press Release) - The Coal Mongolian Conference will take place at Chinggis Hotel, in Ulaanbaatar on 24-25, Feb 2011. The coal bonanz ...
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- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
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