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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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Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Parliament of New Zealand
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
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