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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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- Central Electricity Authority - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
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