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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, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
Friday, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
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- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Planning Commission, India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
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