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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 (BDI) has stayed lull at 1,439 points the lowest it’s been since April of 2009 and October of 2008. Still, yesterday, the capesize index lost an additional 0.31%, while the Panamax segment fell by 1.87 percent. The only “survivor” of the market was the smalle handysize segment which yesterday gained 1.05%.
According to Paris-based shipbroker Barry Rogliano Salles (BRS), dry bulk rates kept falling, mainly as a result of weather-related problems affecting the short-term outlook, and newbuilding deliveries the longer-term picture.
“Rising commodity prices indicate there is still good demand for product, which suggests newbuilding deliveries are the main issue affecting rates. After two weeks of 2011, 20 new Capes have been delivered, 9 Panamaxes, 28 Supramaxes, and 21 Handysizes, indicating the pace of delivery is increasing. In the FFA market, 2H 2011 is now trading at around US$21,000 per day compared to US$24,000 six months ago” said the shipbroker.
Regarding the beleaguered Capesize market, it’s been another period of softening rates, with the BCI losing an additional 15% last week, with the Cape 4TC, at just under $9,700, being now below the time charter equivalent for all the other bulk sizes. “Players reported a sharp drop in Australian business, with coal operations still disrupted due to weather factors, and a lacklustre demand for ore. In the period market, it was reported that a 161,000 tonner was taken for 3-5 months at US$13,000 per day.
However the sole one-year charter was signed at a BCI index-linked rate. On Monday however the BCI lost just 5 points, raising hopes among owners that the market may be bottoming out” said the report.
All this freight rate saga has altered things in the second hand sale and purchase market. According to BRS “the recent fall in freight rates has created a gap between Buyers and Sellers when it comes to prices, resulting in a very quiet S&P market. We expect this to last for the next few weeks until maybe after the Chinese New Year. This week's S&P menu is all about ‘age’, as in ‘overaged’, and ‘old age’ etc.
Arcelor Mittal have sold their Panamax ‘Kirti’ (68,000 dwt, built 1986 in Japan) to Chinese buyers for about US$10m. We understand that this is a December 2010 sale and that the vessel is due for SS & DD in April 2011, just after delivery to the buyers.
Excel Maritime of Greece have sold their Handymax ‘Marybelle’ (43,000 dwt, built 1987 in Japan) to Bangladeshi buyers for a price in the region of US$10.8m, which also seems to
be a December 2010 sale. In probably the most active week involving Egyptian interests we note that the National Navigation Co of Egypt have sold their sister Handies ‘Alwadi Al Gadeed’ and ‘Wadi Halfa’ (32,000 dwt, built 1985 in South Korea) for about US$7m each. At the same time Egyptian buyers have reportedly agreed a price in the region of US$6m for the Greek owned ‘Androniki’ (30,000 dwt, built 1984 in Japan) - yielding a nice return for the Seller who purchased the ship back in March 2009 as the ‘Manora Naree’ for US$2.9m from Precious in Thailand” concluded BRS.
In total, Piraeus-based shipbroker Golden Destiny reported 35 sales (including demolition activity) during the course of the previous week. “In the secondhand market, 27 vessels were reported to have changed hands this week equalling a total amount of money invested in the region of US$ 1,3 million, with 6 transactions reported for an undisclosed price. In terms of reported number of transactions, the S&P activity has been marked with a 28.5% positive w-o-w change and a 31% negative change comparable with previous year’s weekly S&P activity. The tanker sector attracted most attention, with an investment capital of $ 658,744 around 50% share of the total invested capital in the S&P secondhand market.
In the demolition market, 8 vessels reported to have been headed to the scrap yards of total deadweight just 310,651, with India attracting most activity. Despite the attractive price levels above 450 $/ldt and even surpassing the 500 $/ldt barrier, the reported transactions in terms of number of vessels heading the scrap yards remains at similar levels of last week. The Greek (but not greek based) presence has been noticed this week in 4 transactions reported in the secondhand and one in the newbuilding market. The preference in the secondhand market was towards the chemical tanker sector and a passenger vessel of 1585 passenger capacity, while the total invested capital was region $ 43 mil. In the newbuilding market the greek presence was noticed in the panamax bulkcarrier sector, with Safe Bulkers announcing to have contracted the subject vessel at region $ 41.7 mil” said Golden Destiny.
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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- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- The University of Queensland
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
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