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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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Monday, 10 January 11
DEWA SEEKS ADVICE ON COAL POWER PROJECT -THE NATIONAL
The Dubai utility company gets nine bids from international groups for consultancy role.
The National reported that, Dubai's utility company wil ...
Saturday, 08 January 11
COAL PRICE WILL RISE IN SHORT-TERM DUE TO AUSTRALIA FLOODS - ALBUQUERQUE EXPRESS
Albuquerque Express reported that, Queensland’s mining minister, Stephen Robertson, has warned that the Australian state’s coal mines wi ...
Saturday, 08 January 11
THE INDONESIAN COAL REFERENCE PRICE HAS JUMPED 8.69 PERCENT IN JANUARY 2011
COALspot.com - Indonesia’s Ministry of Energy and Mineral Resources has set the January 2011 Indonesian Coal Reference Price for thermal ...
Saturday, 08 January 11
SUPRAMAX VESSELS WERE FIXED AT AROUND $ 9000 PD FOR A TRIP VIA INDONESIA TO INDIA - VISTAAR
COALspot.com - The holiday season affect combined with severe flooding in Queensland ports continues to keep the market and pressure. “Suprama ...
Saturday, 08 January 11
DIFFICULT YEAR FOR SHIPPING - TRANSPORT WEEKLY
Transport Weekly reported that, Shipping Corporation of India (SCI) chairman Sabyasachi Hajara says 2011 will be a difficult year because an excess ...
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- White Energy Company Limited
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- Bukit Makmur.PT - Indonesia
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- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
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- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
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- Holcim Trading Pte Ltd - Singapore
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- Antam Resourcindo - Indonesia
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- Chamber of Mines of South Africa
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
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- Petrochimia International Co. Ltd.- Taiwan
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- Savvy Resources Ltd - HongKong
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- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
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- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
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- Australian Commodity Traders Exchange
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- Kideco Jaya Agung - Indonesia
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- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
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- Ministry of Transport, Egypt
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- South Luzon Thermal Energy Corporation
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