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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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Thursday, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
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- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
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