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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, 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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- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
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