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Friday, 28 January 11
DRY BULK MARKET CLOSING IN TOWARDS CRISIS LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The trials and tribulations of the dry bulk market seem to have no end during the first month of 2011, as the industry’s benchmark, the Baltic Dry Index, is ending yet another week of violent falls, with yesterday’s session bringing the market down to just 1,186 points, losing an additional 3.89% on a daily basis.
It’s pretty obvious by now that the Australian floods saga, coupled with a neverending overcapacity of tonnage is “drowning” freight rates. At this rate, some owners have already began to consider even the solution of layup of some of their vessels, a phenomenon which we haven’t seen since the 2008 and early 2009 global financial meltdown, which brought world trade to a major halt.
Taking a look at the panamax market for instance comes to show the problem. According to Fearnley’s latest weekly report “the Panamax market is heading due South with increasing speed as the Atlantic market definitely has lost its strength both for rounds and fronthaul.
The increasing amount of ballasters appearing from the F.East both for ECSA and for USG are not met by many fresh minerals or grain orders. TA rounds descending towards the 10k/day level and trips Feast approaching 20k. In the Pacific the atmosphere remains weak and rates are hovering between 7k and 9k/day. The Charterers are comfortably in the driving seat holding back their fixing, but the market got a further negative tone as Korea Line were applying for court protection earlier this week. Adding an anticipated slow down before the Chinese New Year and a slowly but steady sliding FFA market the sentiment is clearly beyond bearish”, said the shipbroker.
Similarly, on the Capesize front it mentioned that “continuing full- or part-absence by major Brazilian and Australian miners, combined with the long-awaited collapse of the first sizeable operator, is adding desperation and increased uncertainty to an already miserable segment. The bottom seems to be reached on the WAust/China trade, where prevailing usd 6.65-6.75 pmt is not by far enough to cover operating expenses. With numbers of ballasters on the rise, the Brazil/China fronthaul levels become under increased pressure - down 10% w-o-w to some usd 20k. Short-term outlook remains grim as Chinese New Year celebrations come close - although a mere few brave operators dare buck the trend and book tonnage for short/medium period. 180kdwt/built 2005 done for 4-6 months at usd 16250, 174kdwt/built 2007 done for 5-7 months at usd 18k - both basis spot FEast delivery”, Fearnley’s concluded.
Meanwhile, during the past few days, a series of analysts have given out their estimates for the course of dry bulk freight rates. Dahlman Rose is among the more optimistic one, saying that Capesize earnings will average $35,000 during 2011, up from last year’s $31,000/day. As for other smaller ship types, the group’s analysts believe that they will receive downward pressure. For instance average daily earnings for Panamaxes (and Kamsarmaxes for that matter) will fall to $22,000 from $24,125 during 2010. For the Supramaxes it expects rates to be at $20,000, down from last year’s $20,875, while for the Handy sector it places average rates at $15,000, from $17,675 during 2010.
As for estimates given out by Cantor Fitzerald, Capes are expected to average $23,000, from last year’s $26,500, while Panamaxes will average $19,000 from $21,000. As for the Handymax sector, it’s expected at $16,500 for 2011 (down from $18,000). The analyst gave out predictions for 2012 as well, saying that Capesize earnings will drop even further to average $22,000, while Panamaxes will earn $17,200, Handymaxes $15,250 and Handysizes are set out to average $13,000, down from $14,000 which is the expected 2011 average daily rate.
In yet another prediction, this time from Baltic Exchange itself, Capes are expected to average $26,629 this year and $21,125 in 2012, Panamaxes are set for $20,555 in 2011 and $16,210 in 2012, while Handysize are looking for $12,760 this year and $11,164 next year.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 17 February 11
UNCERTAINTY AND VOLATILITY - FEARNBULK
Handy
Recovering market as evidenced by the solid USD 16k/day achieved by a handymax from Continent to east Med with scrap. More short period requ ...
Tuesday, 15 February 11
INDONESIAN COAL FOR HARYANA THERMAL PLANTS - PUNJAB NEWS LINE
To tide over the recurring coal shortage at thermal plants Haryana Power Generation Corporation Limited (HPGCL) has gone for Malaysian coal for its ...
Tuesday, 15 February 11
TONNAGE OVERSUPPLY TO CHOKE FREIGHT RATES IN THE COMING MONTHS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a new report assessing the dry bulk market, BIMCO’s analysis suggests that freight rates for Capesize vessels are likely to remain depresse ...
Sunday, 13 February 11
COAL MARKETS 2011 TO HIGHLIGHT INDONESIAN COAL AND NEW SOURCES OF COAL SUPPLY
“Over 300 senior decision-makers from coal mining, power and trading companies expected to congregate in Singapore”
Press Release - K ...
Sunday, 13 February 11
YEAR OF RABBIT PUSHING FREIGHT MARKET UP
COALspot.com – “The market finally moved up with firmness in all sectors with some positive signs of markets recovering”, said Cap ...
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- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Australian Coal Association
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- MS Steel International - UAE
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