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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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Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
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- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
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