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Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, ending yesterday’s session up by 0.28% at 706 points. Still, it was the Panamax market’s dreadful state that prevented the market from recovering even more, as the respective BPI (Baltic Panamax Index) was down by 2.53%, offsetting the rest of the market. Capesizes were up by 0.75% yesterday to 1,471 points, while Supras and Handies were also trading on a higher note, ending the session with gains of 0.94% and 1.03% respectively.
In any case the market is hugely depressed as a result of tonnage oversupply. In a recent research note, Mr. George Lazaridis of shipbroker Intermodal noted that “in the beginning of 2011, we had around 1,447 vessels scheduled for delivery plus another 111 vessels which were originally scheduled for 2010 and had been delayed and rescheduled to be delivered in 2011. Of these, only 1,007 were eventually delivered, while 403 were rescheduled for a later delivery date and 148 were cancelled. In terms of the original orders, this is a cancellation rate of close to 10% and a slippage rate of more than 25%” said Mr. Lazaridis in an effort to shed some light on the dry bulk market’s most pressing issue.
He went on by stating that “for 2012 things look a lot grimmer, with over 1,714 vessels now scheduled for delivery this year of which 403 of these are vessels that were originally planned for a 2011 delivery. Taking a case where we would see similar percentage of cancellations and slippages, the total number of deliveries could still reach as high as 1,115 vessels. However, even this is likely to be too high of an estimate as we are facing a lot more problems in the market then we were a year back” Mr. Lazaridis said.
According to his note, “the charter market has deteriorated considerably compared to the levels seen during the same period last year. What is more, is that the charter market has been generally in trouble for some time now, which means that owners have more than once had to reach into their pocket in order to keep their vessels’ operations running smoothly. This means that many have been left with minimal excess cash and would look more favorably at the option of delaying their newbuilding orderbook and as such delaying the payment schedules as well. At the same time sourcing finance for shipping assets has only gotten worse, and it is expected that quite a significant portion of the orderbook has not managed to secure financial backing, in effect further decreasing the possibility that these vessels will be built. All in all we could end up seeing less than 60% of the scheduled deliveries actually hitting the water within this year, which although a still considerable number in terms of active fleet growth is still more manageable and would leave prospects of a quicker market recovery” concluded Intermodal’s analyst.
In another market analysis, CARE Research said that it expects the shipping volumes in the dry bulk segment to continue to remain driven by the Chinese demand for coal and iron-ore. In addition, the Japanese import demand for coal and iron ore for the nation’s re-building efforts post the natural disasters is expected to propel the dry bulk trading volumes. However, with the dry bulk vessel deliveries as a % of existing fleet expected to average 25.5% and 6.8% for CY12 & CY13, the additions to the already excess capacity of dry bulk fleet is expected to affect the freight rates. Correspondingly, CARE Research expects the BDI is to remain range-bound ranging from 1,500- 3,000 levels during CY12 & CY13.
Adding further to to the worsening situation of declining trading volumes and over-capacity of existing vessels, CARE Research expects the global fleet size to surge from 1,030.7 million GT as on December 31, 2011 to 1,200.8 million GT as on December 31, 2013 implying a CAGR of 7.9%. This in turn would affect the utilisation rates of vessels ultimately resulting in decline of freight rates. CARE Research expects the said growth in fleet size to be primarily driven by the orders in the dry bulk segment accounting for 35.5% of the total dry bulk fleet size as on November 30, 2011.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- The University of Queensland
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
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