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Thursday, 01 September 11
DRY BULK MARKET TAKES GREAT LEAP FORWARD - NIKOS ROUSSANOGLOU
 In what turned out to be a rather hopeful ending of the month, the last day of August saw the dry bulk market’s benchmark, the BDI (Baltic Dry Index) jump to 1,619 points, or a mssive 5.34% on the day. As a result, the index which covers major commodities routes managed to post a significant gain during the second half of August, ending a more than two-month overall slump to almost 1,200 points.
This latest rise was attributed to a surge in interest for the larger Capesize vessels, while all other ship types were stuck in the red yesterday. Capesizes were higher by an impressive 11.36% on the day, with the relative Baltic Capesize Index inching forward to 2,598 points. On the downside, Panamaxes were down by 0.49% on the day, with the BPI (Baltic Panamax Index) ending the day down to 1,628 points.
Referring on the Capesize market, the latest weekly report from shipbroker Fearnley’s said that “the sun is shining again, after a short dip from interesting levels. Increased spot cargo volumes across the board resulting in a dramatic 15% improvement in average earnings in one day, bringing market back to levels not seen since early winter. All routes expected to rise further, as strong support is also seen from derivatives. Period activity about to catch up, exemplified by 176000 dwt/blt2010 delivering China mid Sept for 11-13 months at usd 14k, also 171000 dwt/blt 2003 fetching usd 14k with China delivery early September” said Fearnley’s.
On the Panamax front it said that “from the market upswing last week, the Panamax market took a breather with holidays both Monday and Tuesday this week. Especially the Pacific market rallied last week with a good number of Indonesian coal cargoes. It seemed like many charterers entered the market at the same time to cover before their holidays this week. The softening experienced this week is not dramatic, but it is slowly sliding downwards in both hemispheres. Some good rates are still achieved with TA´s being fixed in region of usd 14-15k and the fronthauls getting fixed in the low 20´s. In the Pacific the rounds are now being fixed at around USD 11-11,500 daily. Some activity in the short period market is in the 13k range, and there are takers for longer periods like 1 or 2 years” concluded the shipbroker.
Accroding to a recent report from BIMCO’s shipping analyst Peter Sand, the active dry bulk fleet has grown by 7.4% so far in 2011, caused by delivery of 52.5 million DWT, offset by as much as 14.8 million DWT being demolished. As the new building delivery pace stays strong with demolition trying to keep up the fleet is estimated to grow a tad slower at 12.9%. The inflow of new orders during first half of 2011 is down 67% as compared to same period last year. This has influenced the orderbook to fleet ratio positively alongside the massive deliveries. It currently stands at 42% – down from 79% – but still a very high overall figure with 241 million DWT in the pipeline. 79% was recorded in October 2008. “There is still extensive slippage in the orderbook going forward.
BIMCO estimates that one out of every three vessels is postponed for a variety of reasons. The demolition pace continues to stay strong – never before has so much tonnage been demolished. The average size of a vessel going for demolition is 72,647 DWT, meaning that the big ships are now leaving were scrapping smaller ships with an average size of just 38,640 DWT. In 2011, 49% of the demolishing vessels are the large Panamax and Capesize bulk carriers as compared to 15% in 2009” said Sand.
BIMCO predicts that another 450 newbuild dry bulk vessels with an average size of 84,000 DWT will enter the fleet during the remaining part of the year. While some 76 vessels with an average size of 72,500 DWT will be demolished. Commenting on the market’s outlook, BIMCO’s senior shipping analyst said that “on the basis of that supply outlook in a combination with a slower than previously expected demand outlook, BIMCO expects that the market balance will continue to be strongly in favour of charterers, with low freight rates across the board. As the global economy is still walking in the shadows of the financial crisis, demand growth remains on a short leash. Together with the massive inflow of new tonnage, the freight market will spoil charterers for choice for at least another couple of years.
BIMCO will focus specially on the opportunities provided by the demolition market in a soon to be released analysis. You have to be able to endure lots of pain if you are amongst those who are about taking delivery of a newbuild Capesize vessel. Regardless of whether you paid USD 105 million for her back in July 2008 or USD 55 million last January, you have the option of chartering her out for half a year at USD 12,500 per day for 5 years at USD 16,000 per day or to try your luck on the spot market. Either way, you’re facing a poor return on your investment in the coming years unless cargo volumes increase dramatically. 213 Capes entered the fleet in 2010, another 250 is going to be added this year.BIMCO expects to see a depressed freight market in the coming months. Summer has been slow, so freight rates are likely to bottom out now but only a little upside is visible for owners. The Capesize Time Charter Average is likely to stay around USD 12,000-16,000 per day, Panamax and Supramax rates are likely to stay firm in the USD 13,000-17,000 per day. Handysize rates are expected in the USD 9,000-13,000 per day interval” he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 10 September 11
THE FREIGHT MARKET LIKELY TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued the upward trend during last week with BDI crossing 1,800 points and closing at 1,838 points up by 5.63 ...
Friday, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
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- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- White Energy Company Limited
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
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