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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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Wednesday, 05 January 11
BUKIT ASAM TARGETS 20% BUY TO GROW COAL TRANSPORT CAPACITY - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesian coal producer Tambang Batubara Bukit Asam is considering buying an additional 20 percent stake in Bukit ...
Wednesday, 05 January 11
FLOODING IN AUSTRALIA WILL CAUSE COAL PRICES TO SPIKE AT LEAST 20 PERCENT
Rising coal prices are set to spike at least 20 per cent higher because of supply shortages due to severe flooding in Australia, adding cost pressur ...
Wednesday, 05 January 11
DRY BULK MARKET BEGINS NEW YEAR ON SOUR NOTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Seasonal factors like the worst flooding in Australia’s Queensland in half a century, coupled with thin trade activity has put the dry bulk ma ...
Tuesday, 04 January 11
THE WCI-CHINA ROUTE WAS TRADED IN THE MID US$ 10,000S - BRS DRY BULK
As reported by BRS Dry Bulk, after a stronger than expected performance in 2010, rates finished on a sombre note in December with the BDI at1,773 po ...
Tuesday, 04 January 11
BALI, INDONESIA HOST OF WORLD RENEWABLE ENERGY AND ENERGY EFFICIENCY CONFERENCE
Press Release - Indonesian Renewable Energy Society (METI – IRES) has launched the plan for organizing the international gathering ...
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- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Australian Coal Association
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- MS Steel International - UAE
- White Energy Company Limited
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
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