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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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Monday, 27 December 10
RIO TINTO EYES AUSTRALIAN COAL MINER - RTE NEWS
Global resources giant Rio Tinto has made a $3.9 billion bid for Australian coal miner Riversdale.
RTE News reported that, Global resources giant ...
Sunday, 26 December 10
ANGLO SELLS AUSTRALIAN COAL ASSETS - BARCELONA NEWS
Barcelona News reported that, Anglo American has sold off undeveloped Australia coal assets for $577 million.
The global resources giant ha ...
Saturday, 25 December 10
FREIGHT MARKET - LOWEST FIXTURES REPORTED SINCE MID 2009 - CAPT. REDDY
COALspot.com - We wish you a Merry Christmas and a Happy New Year 2011.
The holiday season seems to have severely affected the fr ...
Friday, 24 December 10
CIL SHORTLISTS 21 FIRMS TO IMPORT 250 MT COAL - THE HINDU
The Hindu reported that, Coal India plans to import about 250 million tonnes (mt) over the next 10 years to meet the country's growing requirement. ...
Friday, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
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- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Planning Commission, India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- The University of Queensland
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