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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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Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
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- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
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