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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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Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
Wednesday, 05 January 11
HIGHER COAL PRICES LIFT UP COAL STOCKS
Thermal coal price this month has gone up 5.63% to US$127.70 per ton today from mid last month at US$120.89 per ton.
Thermal coal price for next ...
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- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Economic Council, Georgia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
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