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Thursday, 17 November 11
DRY BULK MARKET INCHES FORWARD AND INTO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market edged higher yesterday, on the back of stronger demand for Capesize vessels and general improvement of sentiment on most of the other shipping segments, with the exception of Handysizes, which kept falling. According to the industry’s benchmark, the Baltic Dry Index (BDI), the market was higher by 2.06% yesterday, reacing 1.884 points, with Capesizes stealing the “show”, as the relative BCI (Baltic Capesize Index) increasing by 3.7% to 3,223 points. Panamaxes were also higher by 0.85% to 1,784 points.
In its latest weekly report, Shiptrade Services commented on the Capesize market by saying that experienced a positive week across both basins. “Atlantic basin was tight for prompt tonnage and Charterers had to increase their levels. Rates for Transatlantic rounds concluded at USD 33.000per day, while on the Fronthaul trade, rates for trips to F.East, levels concluded at USD 47.000per day. On the Tubarao/Qingdao trade there were not many prompt ballasters from the Pacific, and rates picked up at USD 25.25 pmt. In the Pacific basin, the iron ore majors came into the market and covered some of the prompt tonnage which resulted in rates improvement. At weeks end, rates for the Australia/China trade concluded at USD 11.50pmt, while on TCT basis, rates for Pacific round concluded at USD 22.000 per day basis N.China delivery”.
Similarly, on the Panamax front it noted that “rates in the Atlantic softened just a bit, but rates in the Pacific are under pressure. In the Atlantic basin we saw a clear out on the prompt vessels, with rates remaining more or less at the same levels since last week, or soften just a touch. Rates for Transatlantic round concluded at USD 16-16.500, while rates for Fronthaul trips concluded at USD 24-25.500per day. Rates for trips ex USG to F.East concluded at USD 25.500+550.000 BB basis APS USG. In the Pacific basin activity was not high as there were not many cargoes ex Indonesia or Australia and tonnage was building up. At week’s closing, rates for S.China/S.E.Asia positions interested for Indonesia round, concluded at USD 11.500 – 12.000per day. For positions at N.China/Japan range interested for trips ex NOPAC there were just a few parcels and fixtures reported at rates of USD 10-11.000per day” mentioned Shiptrade Services.
Meanwhile, in a separate report, shipbroker Intermodal warned that despite the high number of ships sold for demolition this year, oversupply remains a headache for most ship owners and especially for those who own or operate Capesizes. “This size has suffered extensively since the beginning of the summer and despite the recent recovery recorded since early September, it is forecast to face serious problems in the coming months and years as well. Fleet growth is forecast to increase by as much as 40% within next three years, meaning that there will be no shortage of tonnage in the market for the next couple of years. At the same time iron ore demand is predicted to stagnate to low single digit growth levels over the same time period” said Intermodal’s Panos Makrinos in his analysis.
He went on to add that “the world’s dry bulk shipping industry experienced a extraordinary over supply of dry bulk vessels which resulted in the almost complete collapse of freight rates for Capes and VLOCs. According to Mr. David Smith, director assistant at PwC strategy, ship-owners were wrongfully placing their hope on a Chinese demand for iron ore that would continue to grow at the same pace as it had done over the past decade. Although there is still an amazing infrastructure investment growth rate in China, it will only partly cover and counterbalance the oversupply of capesize tonnage in the near future.
Despite all these pessimistic views for this size vessel, we have seen considerable activity in the secondhand market in comparison to all other dry bulk size segments this year. Up until now we have seen a total of 41 Capes having exchanged hands. What’s more notable is that close to 40% of these were done during the summer period (July-September) were the freight market was scrapping close to bottom. Secondhand prices have not followed a similar decline to that seen in the freight market this year, with price levels on average dropping by only 20% since January. With all that in mind, it seems that there is now only a few number of buyers out there which are holding a positive investment outlook and ready to act, while at the same time scrap prices have also started to soften. Considering all of the above, it is likely that we will see a number of owners who are pressured by high debt, selling their capesize vessels and in effect exiting this size segment before the market is burdened with further new deliveries. Of course, the recent recovery in Capesize rates has been substantial these last three months, but this cannot be taken as something permanent since the continued overcapacity, will most probably push for another collapse within next year if not earlier” concluded Intermodal in its analysis.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
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- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
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