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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, 08 January 11
AUSTRALIAN FLOODS MAY BOOST RIS COAL SALES - THE JAKARTA POST
The Jakarta Post reported that, Floods inundating Queensland have disrupted Australian coal production, and in turn may offer opportunities for Indo ...
Saturday, 08 January 11
GOVERNMENT REMAINS CAUTIOUS OVER FOREIGN INVESTMENT IN MINING SECTOR - THE JAKARTA GLOBE
The Jakarta Globe reported that, The government expects $3.2 billion of investment to flow into the mining sector this year as foreign investors tur ...
Friday, 07 January 11
14 LARGE-SCALE COAL BASES TO BE BUILT DURING 12TH FIVE-YEAR PLAN - GLOBAL TIMES
During the Twelfth Five-Year Plan period (2011-2015), China aims to build 14 large-scale coal bases, and annex and restructure 20 coal bases in orde ...
Friday, 07 January 11
JSW ENERGY LTD OF INDIA IS LOOKING FOR 45 MILLION TONS OF STEAM COAL FOR 25 YEARS
COALspot.com - Supply of 1.80 mmt (+/- 10%) of steam coal per annum for power plants at Toranagallu and Jaigad.
Accordign to JSWE's websit ...
Friday, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
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- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
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