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Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With rates now closing in to $10,000/day for a capesize, it’s just a matter of time before some owners at least begin considering even the option of layoffs, as the market’s downturn is such that it could simulate the conditions prevailing during the financial crisis of the final months of 2008. Of course, global dry bulk trade is far from the state it was back then, demand for goods is solid and the global economy is in a large part recovering, although at a slower than expected pace.
Still, capesize rates have kept on falling, ending yesterday down by 3.86 percent, according to the Baltic Exchange. This meand that the market for capesizes has fallen by more than 25% since Christmas Eve. “Although the Atlantic held up for a while, by the end of the month it had attracted ships from the Pacific, ensuring rates softened in both markets” said shipbroker BRS (Barry Rogliano Salles) in its weekly report. As a whole the BDI fell by 1% yesterday to reach 1,480 points a new low in more than two years. The only bright spot seems to be the Panamax market, which has continued to find support and widening its gap in terms of daily earnings from its larger counterpart, the capesize segment.
According to N. Cotzias Shipping Group, “the negative trend that was there during week 51 of 2010 continued well into 2011 and the overcapacity issue that we had repeatedly warned the markets from late 2009 is here to cause more headaches during 2011. We expect the indexes to further reduce their values at least in the larger size segments and any possible recover will be temporary and short lived. What is worth stating is that as long as the developed world markets don’t get seriously into a post –recession stage, and keep operating at idling speeds then the rest of the world and the shipping markets can’t rely solely on China to keep producing the steam for all the world. The load on China’s back is too heavy and unless there is another China… invented in 2011 we feel that the scales that measures the rise in demand for seaborne goods vs the rise in supply of new dry cargo ships will heavily tip over one side… and we all know which side of the scales is already heavily imbalanced!” said the company in its latest report.
As far as overcapacity goes, Cotzias notes that there is a total of more than 3,500 dry bulk carriers on order pending until 2014 of a total of 250mil tons dwt. “These orders are split chronologically as follows: 1854 ships are due for 2011 making up a total of 128mil dwt, 1106 ships due in 2012 of 87mil dwt and 360 ships of 30mil dwt due for 2013-2014. In total there is a massive orderbook only on the Bulkers section and we should not understate the fact that 2011 faces us with more than 55% of the total orderbook scheduled for delivery and that we should also include in this 114 orders of 4mil dwt that are “carried forward” from 2010. The outlook looks worst for Supramax size segment where the total fleet adds up to 69mil dwt tons and has more than 36mil tons to come in the next 2 years included the ships that are “brought forward” as outstanding orders from 2010 (58% possible increase in the next 2 years). The second worst size segments are the VLOC’s andthe Post Panamax sectors that have nearly as much capacity coming within the next 2 year period as the fleet sums up today (we observe a near 100% increase over the next 2 years). The Handymax size segment is looking much better as the orders here are minimal and have also a very largely over-aged fleet with more than 70% being 20 year + in age and the new building orders not exceeding 4mil tons of extra carrying capacity. The Capesize size segment is also largely on threat as the present fleet amounts to 183 tons presently with more than 69mil tons on order until 2012. This will lead to a 38% increase in the fleet that will be shocked by the addition of 25mil more in the larger Very Large Ore Carriers that will act not as a domino effect but more like the Cliffhangers that when one falls over… the weight and pressure is put on the others still hanging solidly on the cliffs to support the rest” said the shipbroker.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
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