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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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Thursday, 30 December 10
DRY BULK MARKET STAYS SUBDUED AT THE END OF 2010 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dy bulk market failed to cheer ship owners across the board as the year draws to an end, thus bringing mixed feelings ahead of 2011. On one hand ...
Thursday, 30 December 10
KANGAROO RESOURCES BUYS INDONESIAN COAL COMPANY
Australian-listed Kangaroo Resources Ltd. said Wednesday it will buy 99% of the Pakar thermal coal project in East Kalimantan, for A$277 million thr ...
Wednesday, 29 December 10
WEATHER IMPACTS RIO TINTO COAL AUSTRALIAS QUEENSLAND OPERATIONS
Press Release - As a result of severe monsoonal rain in central and northern Queensland, force majeure has been declared on coal sales contracts fro ...
Monday, 27 December 10
ANALYSIS: CHINA'S COAL PRODUCTION MISMATCHED WITH DOMESTIC DEMAND
As reported by iStock Analyst, China's coal market has been trapped in a strange cycle. Large coal production bases are facing overcapacity, while ...
Monday, 27 December 10
HUNT FOR OVERSEAS COAL ASSETS TO INTENSIFY - FINANCIAL EXPRESS
Financial Express reported that, With the Indian economy back on the track after the slowdown, merger and acquisition (M&A) activities in the re ...
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- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
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- Cement Manufacturers Association - India
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- Directorate General of MIneral and Coal - Indonesia
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- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
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- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Larsen & Toubro Limited - India
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- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
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