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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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Wednesday, 10 August 11
KILLARA RESOURCES TO ACQUIRE SIX COAL CONCESSIONS OF TASON HOLDINGS
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues cont ...
Wednesday, 10 August 11
INDONESIAN COAL MINING ASSOCIATION OPPOSES LOW-GRADE COAL EXPORT BAN
COALspot.com - The Indonesian Coal Mining Association (ICMA) frowns on and challenges the government plan to ban the low-grade coal export inf ...
Wednesday, 10 August 11
ABM INVESTAMA TO OFFLOAD 20% IPO
Integrated coal mining PT ABM Investama, affiliated company of Tiara Marga Trakindo Group, aims to dispose 20% stake during an initial public offeri ...
Tuesday, 09 August 11
INDONESIAS COAL PRODUCTION GREW BY 19.4% LAST YEAR - BP
COALspot.com - Indonesia’s coal production grew by 19.4% last year to 305.879 million tonnes from 256.181 million tonnes in 2009, the fastest ...
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- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
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