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Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their older ships as possible, freight rates are expected to remain at break-even lows or even worse. This has become particularly evident in the dry bulk shipping market, where the industry’s benchmark, the Baltic Dry Index has dropped yesterday to just 753 points, down 3.95% on the day and more than 60% since late last year.
Meanwhile, in the demolition market, as Golden Destiny mentions in its latest weekly report, “Bangladesh scrapping ban has been finally lifted, but the government has imposed a new 5% tax on purchasing vessels for scrap that is going to influence scrap buyers appetite on stronger purchases. The Bangladesh Shipbreaking Association is pushing for a reduction in the rate, down to 0.5% that could lead scrap prices to fall by as much as $25/ldt. Scrap prices for dry and wet cargo are close to $500/ldt, but the current freight market environment offers a strong incentive for shipowners to move with overaged vessel disposals and ease the pain of oversupply. India offers the best levels with Bangladesh to follow, $460-$470/ldt for dry and $480-$490/ldt for wet cargo.
The week ended with 17 vessels reported to have been headed to the scrap yards of total deadweight 1,009,630 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 23% week-on-week decline, due to 30% lower volume of demolition transactions in the bulk carrier segment, whereas there has been a 28% increase regarding the total deadweight sent for scrap. In terms of scrap rates, the highest scrap rate has been achieved this week in the tanker segment by India for M/T “BOW PROSPER” with 12,200/ldt at $525/ldt. India has attracted 41% of the total demolition activity with China to follow by winning 5 disposals. At a similar week in 2011, demolition activity was up by 18% from the current levels, in terms of the reported number of transactions, 20 vessels had been reported for scrap of total deadweight 669,529 tons with bulk carriers and tankers grasping 60% of the total number of vessels sent for disposal. India and Pakistan had been offering $465-$475/ldt for dry and $500-$505/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene” concluded Golden Destiny.
In a separate report, Clarkson Hellas said that the demolition market has remained very active, with many vessels being circulated and subsequently, a big list of sales to report. “However, to judge the market value of a certain ship is becoming increasingly difficult. As evidenced in the sales list, price levels seem like a ‘free for all’ with no actual pattern emerging, clearly highlighting that each vessels value is an individual case by case scenario. On paper, some units seem similar, yet for some reason, a price differential of anything upto USD 10/ldt can be witnessed.
On the buying front, the Chinese and Indian breakers are taking the plaudits this week.
China has been very busy as they looked to acquire tonnage prior to their New Year festivities and were bidding some aggressive numbers in an effort to claw tonnage away from the Indian sub-Continent. Time will now tell whether this recent positive momentum will continue when the market reopens again after their holidays.
India too emerged this week with increasing price levels. Whether these sudden improvements were from cash buyers over-speculating or actually justified on the back of the breakers indications remains to be seen, but some Owners would have definitely benefited from the sudden enthusiasm emanating from this market.
The good news is Bangladesh is definitely open and for an indefinite period too. Some Buyers are now willing to buy tonnage giving delivery February onwards as they believe the income tax situation would be resolved within this month. There remains however the problem of which breakers can actually open Letters of Credit internally. For Owners to consider Bangladesh as an option, a certain degree of caution must still be adopted. Last thing any Owner would wish for is to arrive at anchorage and delivery is unable to take place due to delayed payments. Some cash buyers are optimistic that no such issues will occur, however this is definitely the time for an Owner to tread carefully and wisely when considering selling their units to this area. Price levels on offer appear to be not as competitive as India. However, Bangladesh may soon offer a viable alternative to China for those vessels completing in the Far East. We need to see several vessels arrive, clear inward formalities and beach without delay to know 100 percent for sure that the market is officially ‘open for business’ concluded Clarkson Hellas
Source: Nikos Roussanoglou, Hellenic Shipping
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- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
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