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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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Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
Monday, 13 September 10
CIL IN TALKS WITH SHIPPING CORP TO FORM JV FOR COAL IMPORTS
Shipping Corporation of India, the largest domestic shipping liner, may form a joint venture with Coal India for coal imports, a top company officia ...
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- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
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- The University of Queensland
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- McConnell Dowell - Australia
- Parliament of New Zealand
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- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
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- Ministry of Mines - Canada
- VISA Power Limited - India
- Commonwealth Bank - Australia
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- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
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- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Planning Commission, India
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- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
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