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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, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
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- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Parliament of New Zealand
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
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