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Saturday, 07 July 12
DRY BULK MARKET NOT ABLE TO FIND SOLID GROUND SAY EXPERTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 With the second half of each, traditionally looking the most active one, especially in terms of newbuildings being delivered, it's highly unlikely that the dry bulk market will be able to avoid further falls in terms of freight rates. In its latest weekly report, Intermodal mentioned that dry bulk rates "don't seem to be able to find a solid ground for correction and are stagnating at low levels especially in the bigger sizes such as Panamaxes and Capesizes. Average spot earnings for Capesizes fell significantly and reached their lowest point since December 2008 at rgn $3,500/day (today they stand above $4,000/day) due to the recent slowdown in coal imports from China and the lack of annual growth in iron ore exports from Brazil, which also have some impact on the Panamax sector, although to a smaller extent, which today stand at $7,910/day.
"On the other hand, the Supramax/Handysize sector has seen some signs of recovery, since the rates have found support by the increased movements from Black Sea grain exporters and other Bulk cargoes which use geared units for the transportation, such as steel scrap, fertilizers and sugar. At the time of writing, average earnings in Supramaxes and Handysizes stood at $13,218/day and $10,405/day respectively, which compared to the bigger size vessels, shows the unevenness and the uncertainty of the dry bulk market" said Intermodal's Yannis Olziersky.
He went on to mention that "this current distorted pattern in sport market earnings, which as mentioned above, is partly a result of demand side factors of some commodities, is also explained by the fleet supply growth. Capesize and Panamax combined fleet has grown by 7.0% from the beginning of the year, as opposed to the Handy and Supramax combined fleet growth which has risen approximately by 3.5%.
Poor freight market conditions and lack of interest on vintage second hand tonnage by further trading Buyers continue to push more units to be “beached”, despite the fact that prices have fallen substantially the last two months. This is good news for the industry as scrapping activity is necessary to continue unabated in order to be able to expect a recovery in the future. However, as we have mentioned before, this is not enough as a sharp and protracted slowdown in the pace of new buildings is also a vital and significant condition for an eventual recovery" Olziersky noted.
He added that "on the sale and purchase front, activity remains subdued in view of the poor charter market conditions, despite that prices are still falling. Opportunities on the second hand market are usually coming from Japanese owners who are genuine Sellers and disposing their units at the best obtainable prices. Additionally, other opportunities, in terms of price only, are coming from Chinese shipyards which are disposing their ppt resales for 20% less than a comparable vessel which has been built either in S. Korea or in Japan. Of course this disparity is linked to building quality, specification and consumption and is something which needs to be seriously taken into consideration prior to proceeding with such units.
In general, the present market conditions and short term prospects are negative, however during these adverse times opportunities can be found around the corner; prudent and well placed decisions may lead to oncoming successful investments; after all shipping is not a simple and temporary investment for "easy money", it’s a long term investment which need time and patient in order to gain it's returns and benefits!" he concluded in the report.
In a report last week, DVB Bank mentioned that the BDI’s average during 2011 was 1,529 points, which in turn was 44% below the 2010 average of 2,758 points. So far in 2012, the average is below 950 points and is indicative of the dire position that the market has found itself, as oversupply has “drowned” freight rates. DVB sees a sustained downward trend, stating that even delays caused by port delays and congestions and an increase in demand for dry bulk commodities, haven’t been enough to help absorb the new tonnage which is entering the market at a frenetic pace.
It’s worth noting that so far this year a total of of 529 vessels, representing 44.4 million dwt have already been delivered. Another 1,148 vessels of 93.5 million dwt are scheduled for delivery until the end of 2012. This is about 58% of the current orderbook, which stands at 2,001 vessels of 161.3 million dwt, which in turns represents about 25.8% of the current fleet. As a result, asset values as well as earnings are not expected to recover anytime soon. DVB stated that "we may see the markets bottom by the end of 2013 and remain flat thereafter. However, this is subject to owners not indulging in more newbuilding contracting if they see a seasonal spike in freight rates".
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 07 July 12
EXCESS SUPPLY & WEAK DEMAND KEEP COAL PRICES LOW
COALspot.com - SGX AsiaClear OTC Coal Swaps for August and Q4 deliveries slipped slightly this week. SGX’s Indonesian sub-bituminous coal swap ...
Saturday, 07 July 12
BALTIC INDEX UP ON STRONG CAPE, PANAMAX RATES - VISTAAR
COALspot.com - This week all the segments were firmed up with BDI up by 15.23 pct (up by 153 points) closing at 1,157 points.
The cape index also ...
Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a ...
Thursday, 05 July 12
DRY BULK MARKET MOVES FURTHER UP THE HILL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its growth momentum by the middle of the week, as the BDI (Baltic Dry Index) rose by an additional 40 points to 1,103 p ...
Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
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- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
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