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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, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
Wednesday, 22 December 10
PEABODY ENERGY TO SOURCE INDONESIAN COAL FROM PT SUPRA BARA ENERGI (SBE) - COAL GEOLOGY
Coal Geology reported that, Peabody Energy has entered into an agreement to source coal from PT Supra Bara Energi (SBE), which will be sold on the e ...
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- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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