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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, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
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- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- PTC India Limited - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
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