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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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Monday, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
Friday, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
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- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- PTC India Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
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