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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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Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
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- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- The University of Queensland
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
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