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Thursday, 21 July 11
DRY BULK RATES EDGE FURTHER DOWN ON WEAK MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market fell once again on Wednesday marking the ninth straight day of losses. The industry’s benchmark, the Baltic Dry Index (BDI) was down to 1,328 yesterday, retreating by 0.15% on the day. Once again it was the bigger ships which suffered. The Capesize segment fell by 0.96% to 1,886 points, while the Panamax market was down by 0.32% to 1,536 points. Among the silver linings of the market was the Handysize/Handymax market with a gain of 0.43% to 695 points.
The first half of the year ended with the average value of the BDI standing at 1,372 points, down by 57 % from the first half of 2010 when the BDI was at 3,166 points and capesizes were earning $11,507/day more than today’s levels. “However, shipping investments have shown a 7% increase from the first quarter of the year with bulk carriers being protagonists in the secondhand market and containers dominating in the newbuilding scene” said Golden Destiny in a relative analysis.
It went on to mention that although bulk carriers have lost their strength in the secondhand and newbuilding market they are still holding the lion share in both markets, 35% of the total volume of transactions. “The lost of confidence is mainly attributable to the weak environment of the dry market as the BDI still hovers below the psychological barrier of 1,000 points mark and Chinese commodities’ demand appears not enough to absorb the ongoing flow of newbuilding deliveries. But, when the demand side will be rebalanced with the supply? The recovery of the market remains pending from the start of the year. During June, the BDI managed to gain a 6% month-on-month rise, but it seems that the high levels of 2010 are not yet feasible. Capesize time charter equivalent earnings have shown a 39.5% growth from May levels, but China’s high iron ore port stockpiles, barriers in electricity consumption and persistent high levels of commodities’ inflation cannot still narrow the gab with the supply side. According to data from the General Administration of Customs, China’s imports of iron ore fell to 51.09 million tones in June, compared with 53.30 million tones in May. The agency said that imports rose 19.3% year-on-year last month, versus the 24.8% rate expected by the economists. The June result was below the 28.4% rate in May and the lowest annual growth rate since the -6.4% posted in October 2009, which was the last of 12 consecutive months year-on-year declines that started in November 2008 after the global financial crisis” said Golden Destiny.
In a separate weekly report from shipbroker Fearnley’s, it was mentioned that the lack of direction in the Capesize market has continued this week, but now showing signs of weakening. “The West Australia market was struggling to decide which side of usd 8.00 the market should be, and fixture have been concluded on both sides, though the most recent reported is at a low usd 7. 75. Also the Front haul market was stable, just over the usd 20.00 mark, but has now dropped below and is not closer to usd 19.50pmt. The Atlantic again was living in its own world, but saw a significant down turn towards the end of the week, but has now stabilized at a healthier usd 13,000 level p/d. This market may not last as we suspect re-let charterers have cleared their tables pending the holiday season, but it should be noted that the tonnage supply is still tight. On the period front some more short period deals have been done in the usd 11,500-12,000 level which is only slightly down from the last rally. One can attribute this to fewer vessels idle (not trading) due to the low market level” said the shipbroker.
Referring to the Panamax market Fearnley’s said “it faced a slow start to the week, with limited activity in all basins. Atlantic rounds have stabilized around mid teens, however the north continent is somewhat tighter on tonnage, so this area might improve somewhat in the next few days. Ballasters for the Pacific are keeping the EC South American market down, in spite of quite a few cargoes out of that area. A few fresh cargoes emerged as well out of Indonesia and Aussie, but not enough to support any rise in rates for the time being. However the fall in rates seems to flatten out. With a tic more positive tone in both basins the last day, the end of the week may bring a steadier market, but this remains to be seen”.
As for the Handy market, “Atlantic softening across all segments with little fresh enquiry ex Bsea/Cont/USG and ECSA. Trips to Feast remain healthy. More cargoes expected for 1st half of August but this remains to be seen. Overall sentiment remains soft in Pacific, however few enquiries keeping market busy. For Indo-India, supras in South China are getting close to 12k. Nickel-ore rounds are getting firm rates in low mid-teens. Very quiet on iron ore front due to monsoons as WCI-China rates slided to 10k and from ECI around 9k. Few cargoes seen from RBCT. As a result, RBCT biz fixed on ECI tonnage around 11k. Red Sea, ferts on handymax/ supras are fixed at very mid 20´s pmt on voy bss to WC India. Period deals done at 13k for large supras” concludedd Fearnley’s.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 16 June 11
FREIGHT MARKET FAILS TO RECOVER - DREWRY / HELLENIC SHIPPING
With demand failing to improve enough to contain the colossal increases in supply, the dry bulk freight market stayed near the dreadfully low levels ...
Thursday, 16 June 11
VALLAR CONTROLS 84.7 PERCENT STAKE IN BERAU COAL - INSIDER STORIES
Insider Stories reported that, London-based investment company Vallar Plc, via its subsidiary dubbed Vallar Investments UK Limited, today announced ...
Wednesday, 15 June 11
INDONESIA NEW COAL POLICY WORRIES INDIA POWER FIRMS - MYDIGITALFC
Tata Power, Adani group, Lanco Infratech and Reliance Power, among other Indian coal importers, are waiting to assess the impact of the Indonesian g ...
Wednesday, 15 June 11
BAYAN RESOURCES OWNS 56 PERCENT KANGAROO - INSIDER STORIES
Australia-listed coal miner Kangaroo Resources Limited (KRL) has obtained final approval from its shareholders to complete its US$277 million acquis ...
Wednesday, 15 June 11
DRY BULK MARKET WEAKENS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite this time of year traditionally being one of the busiest for the dry bulk market, it seems that in the post-crisis era trade patterns are co ...
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- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- The University of Queensland
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
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