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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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Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
Thursday, 22 December 11
RI WILL NOT PLAY CATCH-UP WITH GLOBAL COAL DEMAND - THE JAKARTA POST
The Jakarta Post reported that, the International Energy Agency (IEA) has predicted in its Coal Market Report 2011 that over the next five years, gl ...
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- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Bhatia International Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Planning Commission, India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
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