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Wednesday, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had passed. As it turned out yesterday, it hadn’t. The industry’s benchmark, the Baltic Dry Index lost another 3.94% to reach 1,292 points, with the Capesize segment losing 3.05%. But, it was the Panamax market that tumbled the most yesterday, by a whopping 5.08% on a daily basis.
Accroding to a report from BIMCO’s shipping analyst Peter Sand, the current weakness in the Capesize won’t go away anytime soon. “Capesize rates have defied gravity on the back of strong demand for particularly coal but also for iron ore during 2010. This has neutralized some of the downside effects from the heavy inflow of new tonnage into the market. Last year alone, the Capesize fleet grew in numbers by 200 and tonnage wise by 22% and the forecast for this year is an equally challenging supply side growth. With dry bulk demand in 2011 expected to be a little less strong than in 2010 – the freight rate outlook for the Capesize segment is a bit bleak. 20 new Capesize vessels have already joined the fleet in 2011 and with ongoing weather related disruptions not only in Australia – volumes and shipments will be too few to support a significant rate rebound over the coming months” said Sand.
In a separate note, Paris-based shipbroker Barry Rogliano Salles said that “there are some hopes for an increase in activity following the gradual resumption of coal exports in Australia. At the moment Aussie-China rates appeared to have plateaued around US$6.75. Monday saw another small drop in the BCI, while in the FFA market all periods came off with declines greatest for February and March prices”.
BIMCO’s analysis indicated that there are currently 110 Capesize vessels sitting outside the Australian east coast, something which in any other normal case, would be regarded as a healthy picture in terms of freight rates, as actual supply is recuded. “But this time around it merely spells out the trouble and indicates what’s in sight for the large vessels in 2011. Orderings of new Capesize vessels have come relatively down as only 31% of all dry bulk orderings were Capesizes last year. This compares to a relative portion of 50% in the year 2006-2009. Since Capesize freight rates fell below USD 13,000 per day the daily negative change has slowed down and Capesize rates might rest within the interval of USD 7,000-13,000 per day in coming months. As a clear illustration of how bad the situation for the Capesize vessels is, all of the smaller dry bulk segments currently obtain better freight rates than Capesizes. As per 24 January, Capesize average time charter rates were as low as USD 8,665 per day. Meanwhile Panamax earned USD 12,725 per day, Supramax USD 14,789 per day and Handysize USD 11,232 per day.
Even though selected back-haul routes have slipped into negative territory, the time charter averages have not gone that sour. In December 2008 when demand evaporated due to the letters-of-credit issues (and the overall crisis – of course) average T/C rates were as low as USD 2,316 per day. This time around demand is strong as indicated be rising commodity prices – so you should not expect rates to dig that deep” said Peter Sand.
He went on to conclude that such low freight rates are disastrous for ship owners, especially those who are trading in the spot market. According to him, ways out of this would probably be massive demolition of older tonnage, vessels being laid-up like back in the 80’es, postponements of newbuilt deliveries to an even larger extend than what we saw in 2010 and hesitation about signing new contracts for vessels.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 04 February 11
PERTAMINA DENIES KAREN AGUSTIAWAN RESIGNS FROM PERTAMINA
COALspot.com - The President Director of PT Pertamina, Karen Agustiawan reportedly will replace Darwin Saleh as Minister of Energy and Mineral Resou ...
Friday, 04 February 11
ADARO ENERGY FY10 COAL SALES UP 6 PERCENT TO 43.84 MILLION
As reported by insider stories, Indonesian coal miners PT Adaro Energy Tbk has produced 42.20 million tons of coal in 2010, a 4 percent increase com ...
Thursday, 03 February 11
MERCATOR LINES TO INVEST RS 200-250 CRORE ON COAL MINE IN INDONESIA - ECONOMIC TIMES
Economic Times reported that, Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 ...
Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bott ...
Wednesday, 02 February 11
INDONESIA MAY MISS COAL EXPORT TARGET IN 2011
COALspot.com - Indonesian Trade ministry has instructed independent surveyors temporarily not to issue pre-shipment survey report (LS) to the compan ...
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- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
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