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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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Tuesday, 04 January 11
DRY BULK MARKET TO RANGE BETWEEN 1,700 AND 2,600 POINTS IN THE FIRST QUARTER OF 2011, ANALYSTS SAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As we entered 2011, ship owners and analysts, as well as shipbrokers are looking into their “crystal balls” to try to decode the dry bul ...
Monday, 03 January 11
TAXATION FOR COAL MINING COMPANIES IN INDONESIA - A TAX EXPERTS VIEW
COALspot.com - Mrs. Sri Wahyuni Sujono, managing partner of SF Consulting has wrote an exclusive report regarding taxation for coal mining companies ...
Sunday, 02 January 11
JAISWAL TO SEEK COAL MINES IN AFRICA - HINDUSTAN TIMES
Coal Minister Sriprakash Jaiswal will talk with his counterparts in South Africa and Mozambique during his visit from January 5 to secure coal asset ...
Saturday, 01 January 11
COAL PRODUCTION EXPECTED TO EXCEED 340 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce 340 million tons of coal in 2011, an increase of 23 percent from 275 millio ...
Friday, 31 December 10
STC TO FINALIZE 12 MILLION MT OF COAL IMPORT CONTRACT TO TWO INDIAN AND A DUBAI BASED COAL TRADER - SOURCES
COALspot.com - World's single largest coal import tender floated by STC on behalf of state utility NTPC to finalize its suppliers or already finali ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Economic Council, Georgia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
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