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Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the early stages of this year. Stunned, shipowners were helplessly watching as freight rates tumbled over and over again until the bottom of the market was finally reached in late February. It had taken the market back to levels even worse than those of the later part of 2008, when the world’s trade was in effect stopped, as a result of the global financial crisis, which had as a result the halting of issuing of letters of credit from banks, a necessary document for the movement of cargoes.
In its latest analysis, Intermodal discusses the issue of demolition activity and whether it could act as a “catalyst” to help the dry bulk market recover. According to Intermodal’s Panos Makrinos, “from the second half of 2008, there has been a significant plunge of freight rates which for some market segments has persisted until today. “All parties involved in the shipping industry continually voice that in order to deal with the severe oversupply problem and improve freight rates once more is to limit new building orders scrap older tonnage. For the later solution this would mean that all the early/mid 80’s vessels would head to scrapyards even if they are in excellent condition and well maintained with trading certificates for several more years. The question that arises here is whether this common thinking is indeed correct and able itself to recover the current uncertain market” wondered Makrinos.
He continued by mentioning that “starting from the current levels of demolition, we see that demo price levels are dropping incrementally week by week and the main reason for this fall has mainly been the weak demand of steel which will probably continue to suffer as Europe slides back into recession. This week, Bangladesh was the leader of all demo players around the world as most of the deals which reported for demo went to Bangladeshi scrap buyers at very impressive numbers in comparison with the price levels offered by all other demo markets. In terms of scrap prices, the most recent considerable deal that has been achieved in the dry segment was the Ukrainian built OKEAN type ‘’GOOD UNION’’ with lightship 13.630tns which fetched an unbelievable price at region USD 493 per ton.
On the other hand, the remaining demo buyers have appeared for one more week to have had a very conservative appetite, with their poor performance caused by the fact that they were not in a position to submit offers at attractive price levels. Moreover, it is said that there was a large number of renegotiations that have taken place recently. For the time being, all the cash buyers are becoming a little skeptical and deciding to focus on the tonnage they have already bought and sell off existing units before proceeding with new acquisitions.
Demo prices overall remained at similar price levels as they were in the last week, with wet tonnages to be around USD 425-490 per lightweight and dry units remaining to about USD 410-470 per lightship” he said.
He concluded his report by mentioning that “throughout 2011, we had continuously repeated that despite the very high activity reported in the demolition market during that year, oversupply still remained a serious headache for all ship owners creating uncertainty for the near term prospects of the shipping industry. In addition, the first four months of this year we noticed a large number of vessels being beached, however, freight rates are still remaining at low levels and nothing remarkable has changed. This result points to the fact that scrapping of vessels alone is not enough to provide a balance in the charter market. We will also need to see cancelations of N/B orders increase within the coming months, as well as a more moderate newbuilding ordering strategy by shipowners”.
Meanwhile, “in the The Indian market lost further support this week as offered prices dropped due to the decreased demand noted. Bangladeshi breakers still hold the lead in prices offered, while it seems as though Pakistan was able to cover the gap caused by the softening Indian market. With demand now remaining fairly soft, while the supply of candidates continues to put considerable downward pressure on the market, we could start to see prices decrease further over the coming weeks. This has not ben the case for the Turkish market were we have seen a sudden rapid increase in price levels, likely supported by the firm demand for scrap steel. Prices overall remained stable, with wet tonnages noting levels of around 425-490$/ldt and dry units holding at about 410-470$/ldt” said Intermodal.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Parliament of New Zealand
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
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