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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, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- PTC India Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
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